Dover Corporation has inked an agreement to acquire SIKORA AG for $US620.8 million (€550million) in cash.
The transaction is expected to close in the second quarter of 2025 when SIKORA will become part of Dover's MAAG operating unit within Dover's Pumps & Process Solutions segment.
Founded in 1973 by Harald Sikora and headquartered in Bremen, Germany, SIKORA is a leading provider of precision measurement, inspection, and control solutions for production processes in the wires and cables, hoses, tubes, sheets, optical fibres, and plastics industries.
Demand for SIKORA's products continues to increase, as the trend toward electrification accelerates, driven by strong growth in high-performance applications such as data centres.
The company, which has grown at a double-digit organic growth rate over the last three years with a robust outlook, generated approximately $US112.9 million in revenue in 2024.
MAAG president, Ueli Thuerig, said SIKORA represents a highly-strategic acquisition for MAAG.
“The company’s outstanding products address similar customer needs to MAAG's products in resin-related markets, and its offerings provide MAAG with increased exposure to highly-attractive market adjacencies where we have existing industry knowledge and customer relationships,” Thuerig said.
“Our shared capabilities and go-to-market overlap will generate material cross-selling benefit with a highly complementary portfolio of products and technologies, deepening our joint value proposition and integration with our OEM partners and end customers."
Dover's president, CEO & chair, Richard J. Tobin, said the acquisition of SIKORA aligns with its capital deployment strategy to add highlysynergistic, growth-and-margin accretive businesses within their high-priority platforms.
“SIKORA's value proposition, attractive market applications, large installed base, and technological offerings have the hallmarks of a Dover business. We are excited to welcome SIKORA's talented workforce and culture of excellence to the Dover family of companies,” Tobin said.
Dover is a diversified global manufacturer with annual revenues totalling more than $7 billion.