Dover Corporation DOV announced that it signed a deal with the industrial and automotive supplier, Stabilus SE, to sell its De-Sta-Co ("DESTACO") business for $680 million in enterprise value. This move will help Dover focus its efforts and capital deployment on growing its core platforms. The deal is expected to close in the first half of 2024, subject to regulatory closing conditions. Dover acquired DESTACO in 1962. It creates, manufactures and sells workholding and automation components for industrial automation. The business will gain from Stabilus' focus on industrial automation, as well as a robust go-to-market channel in industrial and automotive applications. In 2022, DESTACO generated revenues of $213 million and is part of Dover's Engineered Products segment. The Engineered Products segment's revenues were down 7.9% year over year to $474 million in the second quarter of 2023.