Dover Corporation, a multi-billion dollar diversified global manufacturer, has announced that it has completed the sale of Heil Trailer International, a leading manufacturer of specialty transportation trailers and equipment based in Cleveland, Tennessee, to American Industrial Partners of New York, New York.
"We are pleased to have completed the sale of Heil Trailer International," commented Bob Livingston, President and CEO of Dover. "This transaction marks another step in our strategy of focusing on our growth spaces.
“While Heil Trailer has strong brand recognition and market position, it did not align with our long-term strategy."
The company anticipates recognizing a gain on the sale of approximately $0.35 per diluted share. Heil Trailer's full-year 2011 revenue is estimated at $250 million, with associated full-year earnings per diluted share of approximately $0.11, including $0.04 attributable to the fourth quarter of 2011.
