Dover Acquires Sound Solutions For $885M

DOWNERS GROVE, Ill (AP) -- Dover Corp., which makes industrial products, said Wednesday that it agreed to acquire Sound Solutions, a unit of NXP Semiconductors NV that makes speakers and receivers for cell phones, for $885 million. Sound Solutions, in Vienna, Austria, will become part of Dover's Knowles Electronics, a unit of Dover's electronic technologies segment.

DOWNERS GROVE, Ill (AP) -- Dover Corp., which makes industrial products, said Wednesday that it agreed to acquire Sound Solutions, a unit of NXP Semiconductors NV that makes speakers and receivers for cell phones, for $885 million.

Sound Solutions, in Vienna, Austria, will become part of Dover's Knowles Electronics, a unit of Dover's electronic technologies segment.

Sound Solutions employs about 1,000 people, expects 2010 revenue to total $330 million and has manufacturing plants in Vienna and Beijing.

Dover expects the deal to slightly help earnings per share during its first full year of ownership.

Dover CEO Dave Van Loan said the move helps Dover expand its offerings for the mobile handset market.

The deal is expected to close in the first quarter of 2011

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