Dover Corporation is conducting a shakeout of subsidiaries as it prepares to begin a stock repurchasing program, which will include the potential sale of DEK, known in the PV industry as a supplier of advanced screen printing technology.
Although Dover notes that DEK, a part of Dover since 1985, has considerably grown over the past 27 years, it cited the cyclical nature of its end markets working in contradiction with the direction Dover is taking.
Michael Brianda, president of DEK, seemed to be optimistic; releasing a statement that acknowledged the decision would allow DEK to “flourish with a future owner who is more aligned with [its] markets and strategies.”
Dover's board authorized an additional share program, which will see the company repurchase US$1 billion of its common stock over the next 12 to 18 months. The program will be funded by cash on hand, proceeds from divestitures and free cash flow.