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Dover buys NXP's Sound Solutions business

Posted: 28 Dec 2010 ?? ?Print Version ?Bookmark and Share

Keywords:acquisitions? audio? speakers? receivers?

Dover Corp. has signed a definitive agreement to acquire the Sound Solutions business line of NXP Semiconductors NV.

Sound Solutions, headquartered in Vienna, Austria, will become part of Knowles Electronics within Dover's Electronic Technologies segment. The manufacturer of dynamic speakers and receivers for cellphones and other consumer electronics has been in business since 1929. It has about 1,000 employees in manufacturing facilities in Vienna and Beijing. Annual revenue expected for 2010 is approximately $330 million.

The purchase price is $855 million, subject to normal closing adjustments. Dover expects the transaction to be slightly accretive to its earnings per share during the first full year of ownership, subject to final purchase accounting allocations.

"The addition of Sound Solutions to Knowles Electronics is consistent with Dover's strategic goals. Sound Solutions is a technology leader in the communications components space, one of our five focus areas, and serves the high growth mobile handset market. By combining Sound Solutions with Knowles we create an industry leader in an attractive and growing market," said Bob Livingston, president and CEO, Dover.

The transaction is subject to customary regulatory approvals, and is expected to close around the end of the first quarter of 2011.

Dover was advised by Goldman, Sachs & Co. and Liger Capital Advisors.

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