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Elevator deal lifts off
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November 23, 1998: 10:04 a.m. ET
Germany's Thyssen agrees to buy unit of Dover Corp. for $1.1 billion
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LONDON (CNNfn) - Shares in German steel and engineering group Thyssen got a lift Monday when it announced a $1.1 billion deal to buy Dover Corp.'s elevator business.
In Frankfurt Thyssen (FTHY) shares jumped more than 2 percent to 303 marks when the deal was announced.
The groups hope to close the deal by the end of the year, pending regulatory approval. The announcement overrides an earlier plan for New York-based Dover (DOV) to spin off its elevator business to shareholders.
Sales from the business were $658 million in the first nine months of 1998, and had revenue of $746 million during 1997, generating an operating profit of $105 million.
Thyssen already has an elevator business with annual sales of more than $2 billion.
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