Dover to acquire ID products manufacturer Markem

Dover Corporation announced August 16 that its Dover Technologies subsidiary has signed a definitive agreement to acquire Markem Corporation. Terms of the transaction were not disclosed. With annualized sales of about $290 million, Markem will report to Dover Technologies and operate as an independent company in conjunction with DTI's Product Identification Group, which would then have annualized revenue over $800 million.

Markem, headquartered in Keene, N.H., is a leader in innovative and reliable product identification solutions for the world's leading companies. Solutions include equipment, software, supplies and services, for industries including food and beverage, cosmetics, pharmaceutical and electronics.

The transaction is subject to customary regulatory approvals, and is expected to close in late September.

Ronald L. Hoffman, president and chief executive officer of Dover, said: "We are excited to have the opportunity to acquire Markem, which expands our strategically important product identification platform. Markem brings a strong brand, excellent complimentary products and a great management team to continue to develop new products and lead this business going forward. We believe that with Markem, we have a truly world class product identification platform which strengthens our technological leadership and offers us significant opportunities for further growth."

Dave Van Loan, president of Dover Technologies, said: "Markem is a clear leader in the Product ID space with a variety of advanced technology solutions for product marking. Markem management has a history of product innovation that includes recently released hardware and software solutions to support the emerging Radio Frequency Identification (RFID) market with traceability solutions. We believe the Markem team will continue to find new opportunities to leverage its technology into other new applications, further strengthening and diversifying the offerings of Dover's Product ID group."

Jeffrey B. Miller, president of Markem, said: "Once we began reviewing our possible strategic alternatives, Dover clearly stood apart from the rest. It was evident that Markem would integrate well with Dover from a business perspective. It was equally important that Dover encourages and supports Markem in maintaining its core values and collaborative culture as well as our commitment to community."