Dover continued expanding its elevator division in the 1960s and 1970s by purchasing companies like Moody & Rowe, Burch, and Hammond & Champness. Ultimately, Dover sold the division to Thyssen AG in 1999 for $1.1 billion.
In 1961, Dover acquired Ohio Pattern Work, which makes nozzles and fluid handling equipment. In 1962, it purchased Detroit Stamping Company, now DE-STA-CO, and Alberta Oil Tool. Buying Hunter-Hayes Elevator and Reddy Elevator in 1964 strengthened Dover’s position in the industry.
The $1.1 billion Thyssen-Dover deal overrides an earlier Dover plan to spin off elevators. Thyssen shares jumped over 2% when announced. The groups hope closing the acquisition by year-end after approvals.
Dover elevator sales were $658 million through 1998’s first nine months and $746 million in 1997, generating a $105 million operating profit.
Thyssen already had a $2 billion elevator business annually. The $21 billion industry should increase about 10% yearly. The sale gives Dover funds to build other businesses rather than spin off elevators.