Circuits Assembly Online Magazine - Now Hear This: Dover Acquires Acoustic Component Firm

News

NEW YORK – Dover Electronics will acquire Knowles Electronics, a manufacturer of micro-acoustic components, for $750 million, the company said today. The transaction is subject to customary regulatory approvals and is expected to close in September.

Dover Electronics is a subsidiary of Dover Corp. Knowles, headquartered in Itasca, IL, and said to be the world's largest producer of high performance transducers for hearing aids, will join the components group of companies within Dover Electronics.

Knowles anticipates sales of approximately $210 million in 2005, and is expected to have a negative impact on Dover's earnings per share in 2005 of 3 to 5 cents.

Dover Electronics president Bob Livingston said, "Knowles is the clear leader in micro-acoustic technology applications related to the hearing aid industry. We believe Knowles management will continue to find new opportunities to leverage its technology into other market applications, further strengthening and diversifying the product offerings of our component company group."