update 1-dover eyes third industrial sale-source
Texas hydraulic may also be sold-
SOURCE * about 6 pct companies in Dover revsource By A.
Ananthalakshmi Month Day (Reuters)-
Industrial group Dover said it will sell two companies in its industrial products
Crenlo and Paladin-
KPS Capital Partners, a private equity firm.
Dover is also evaluating the choice of a third company in the field, Texas hydraulic, people familiar with the matter told Reuters.
Sources said the three companies accounted for about 6% of Dover\'s annual revenue.
According to Dover\'s income of 2010, this figure is close to $0. 43 billion.
Dover said on Wednesday that the two companies it sold accounted for nearly 80% of the 6%\'s revenue, the source said, adding that Lazard is advising Dover\'s sales.
The source does not want to be named because the sales process is not public.
Dover said in a statement that it agreed to sell Crenlo, the manufacturer of cab equipment housing, and Paladin, the manufacturer of accessory tools, to KPS in an undisclosed amount.
\"These businesses are no longer in line with our long-term growth strategy,\" said Thomas Jacomini, CEO of Dover industrial products, in a statement . \".
Dover\'s business ranges from food packaging equipment and garbage trucks to microphones for consumer electronics.
Its market value is over $10 billion. (Reporting by A.
Ananthalakshmi in Bangalore, edited by Ian Ji Qin)