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

Cedar Rapids company sold


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