Dover Corp. (DOV), a manufacturer of specialized products and components, Thursday said it plans to spin off certain of its communication technologies businesses into a standalone, publicly traded company to be known as Knowles Corporation. Dover also announced that the President and Chief Executive Officer of Dover's Communication Technologies segment, Jeffrey Niew will also serve as President & Chief Executive Officer of Knowles.
Dover expects that the transaction will be in the form of a distribution of 100 percent of the stock of Knowles, which will be tax-free to Dover and U.S. shareholders. The transaction will be completed early next year. One-time costs associated with the transaction are expected to be in the range of $60 to $70 million.
Knowles will have product portfolio of acoustic components, including MEMs microphones, speakers, receivers and transducers, as well as communication infrastructure components. Knowles, on a pro-forma basis for 2013, will have $1.3 billion in annual revenue, with about two-thirds derived from high-growth acoustic products. Prominent brands within the new company will include Knowles, Sound Solutions, Dielectric, Novacap, Syfer and Vectron.
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