Dover announced that it has entered into a definitive agreement to sell its Environmental Solutions Group business ("ESG"), which is part of Dover's Engineered Products segment, to Terex Corporation for $2 billion on a cash- and debt-free basis, subject to customary post-closing adjustments.
Based in Chattanooga, TN, ESG is a leading provider of refuse collection vehicles, compactors, and balers, as well as related aftermarket equipment and digital offerings, including onboard vehicle safety systems, route management, predictive maintenance, and customer relationship management software. ESG generated approximately $750 million of revenue in 2023.
Dover's President and Chief Executive Officer, Richard J. Tobin, said, "ESG has been a part of the Dover family for decades and has created significant value for Dover shareholders over this time period. I would like to recognize and thank ESG President Pat Carroll and his management team for the transformational change in the business over the last decade."
The transaction is expected to close before year-end 2024, subject to customary closing conditions, including receipt of regulatory approvals.
Centerview Partners acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Dover.
