Beginning in 1963 and into the early 1980s the company averaged one non-elevator takeover a year. Dover Europe SARL. In 1981 Roubos was named CEO, and in 1989 he became chairman. NEW YORK, Nov. 12 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) announced today that it will relocate its corporate headquarters from New York City to Downers Grove, Illinois, a suburb of Chicago. Also in 1964, Dover's corporate headquarters were moved to New York.In 1975 Dover acquired Dieterich Standard Corporation, a Denver, Colorado-based manufacturer of liquid-measurement instruments. During 1991 Dover took charges totaling $37.3 million to sell or liquidate several underperforming businesses and to increase its insurance reserves for general liability and worker's compensation claims. Dover's more aggressive approach to acquisition also began to be reflected in its financial statements. Investor Information. Also in 1968, Dover spun off its Dura-Vent subsidiary to employees.
Roubos continued his predecessor's winning strategy. Dover's 1966 acquisition of Turnbull, however, was not executed as seamlessly.
Each subsidiary continued to seek to add complimentary acquisitions. As Durham intended, autonomy, decentralization, and a minimal corporate staff became Dover's hallmarks. Sustainability.
The resulting arrangement created five major subsidiaries, each with between five and nine of its own related subsidiaries headed by a chief executive officer.
The Turnbull acquisition negated corporate growth for two years as Dover's elevator division struggled to digest Turnbull.Under Sutton's leadership Dover experienced tremendous growth.
But, instead, Dover in early January 1999 sold Dover Elevator for $1.1 billion to the Thyssen Industries unit of Thyssen AG (which became Thyssen Krupp AG later in 1999 following a merger with Fried. During 1997 Dover made 17 acquisitions, 15 of which were the add-on type, spending $261.4 million.
The stock split three for two in 1965, and has split a number of times since. Dover's business is divided into three segments; Engineered Systems, Fluids, and Refrigeration & Food Equipment. Dover had responded to the flat market conditions by making management changes, ending Nurad's involvement in the commercial radio field, and trimming back operations. Since the 1985 restructuring, distinctions created among petroleum, industrial, and aerospace companies had become increasingly blurred and decreasingly descriptive. In September 1995 Dover paid $200 million for an 88 percent interest in Valance, France-based Imaje, S.A., one of the world's three largest manufacturers of industrial continuous ink-jet printers and specialized inks. They were market leaders, or had proprietary lines that meshed with Dover's existing businesses and had good growth prospects. The reason for this reticence was the inflated prices for acquisitions engendered by the leveraged buyout boom; Dover was following its traditional practice of not overpaying for the companies it acquired.Starting in 1993, Dover also stepped up its acquisition activity in the friendlier postrecession environment. For years Dover was number three in the U.S. elevator industry, behind Otis and Westinghouse.Throughout the 1960s Dover's product base was expanded through acquisitions into a wide range of areas. Dover Corporation’s VP and Associate General Counsel of Labor & Employment, Andy Hettinga, solves issues for more than twenty-four thousand employees in forty countries and twenty-five states. All sectors except Corporate Companies are also subsidiaries in their own right. The Chattanooga, Tennessee-based Heil, a manufacturer of garbage truck bodies and refuse equipment, had annual sales of about $165 million. The six sectors created in 1989 were Dover Elevator International, Dover Technologies, Dover Resources, Dover Industries, Dover Diversified, and Corporate Companies.
Each segment holds operating companies that are run like independent companies. The Norris division's sucker rods for lifting oil from wells were prey to the cyclical nature of the oil-drilling business and to the deregulation of the gasoline business.
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