Cedar Rapids company sold - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cedar Rapids company sold

Posted:
CEDAR RAPIDS (KWWL) -

Industrial manufacturer Dover Corp. has finalized the sale of two of its industrial equipment businesses to private equity firm KPS Capital.

Cedar Rapids, Iowa-based Paladin manufactures engineered attachment tools for operator-driven equipment. It employs about 1,000-people.

Rochester, Minnesota-based Crenlo makes steel cabs and roll-over protective structures used in construction, mining and agriculture. It employs about 680-people.

Dover says the two firms are in good shape but don't fit its long-term strategy.

Dover, which is based in Downers Grove, Illinois said Thursday that it received $290-million in total proceeds from the sale.

Dover said it expects to record a loss of about 35-cents per share on the sale in its third quarter results.

 

 

Powered by Frankly