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a. Dover Corporation Celebrates Fifty Year Anniversary
Unique Operating Philosophy Remains Cornerstone of Company's Success
NEW YORK, May 3, 2005 /PRNewswire via COMTEX/ -- NEW YORK, May 3 /PRNewswire-FirstCall/-- Dover Corporation (NYSE: DOV), a diversified industrial manufacturer specializing in industrial products and equipment, is celebrating its 50th anniversary as a publicly traded company.
Since its founding in 1955, Dover Corporation has grown from a group of four small companies with total revenues of $19 million into a highly diversified $5.5 billion global enterprise comprised of 50 independent operating companies and 28,000 employees that supply value-added products and services to customers in more than 100 countries around the world.
The company's unique operating philosophy, which emphasizes both individual integrity and a decentralized, "run it like you own it" management style, has enabled Dover to achieve "double-digit" earnings growth over the course of its 50 year history. Dover is also proud to have the fourth longest record of annual dividend growth among companies listed on the New York Stock Exchange.
Ronald L. Hoffman, President and Chief Executive Officer of Dover Corporation, said, "We take great pride in the long term value we have created for our shareholders over the past five decades by adhering to our core operating philosophy and culture. As our family of companies has grown and diversified and our sourcing, manufacturing and sales activities have become increasingly global in scope, this strategy has served us exceedingly well. Last year, we generated record sales and achieved our second-best earnings ever. As only the fifth person to lead Dover in our 50 year history, I am honored to have been entrusted to build on these achievements and am committed to preserving the unique blend of continuity and innovation that has fueled our growth and success.
"On behalf of our board and management team, I also want to extend our thanks and appreciation to our shareholders, customers and employees around the world, whose continued confidence and trust have been so essential to our long term success," Mr. Hoffman concluded.
A Proven Formula for Success
Dover traces its roots back to a group of investors led by George Ohrstrom, Sr., who sought to acquire profitable enterprises run by proven leaders with a deep understanding of their business, customers and end markets who could continue to be successful as part of a larger organization. These fundamentals remain at the core of the company's successful acquisition strategy today.
About Dover
Dover Corporation is a diversified industrial manufacturer with $5.5 billion in annualized revenues from operating companies that manufacture specialized industrial products and equipment. Dover recently implemented an expanded subsidiary structure that supports the company's future growth, further enhances its strategic market focus and expands its acquisition capacity. The corporation has organized its 50 operating companies into 13 market focused groups within six subsidiaries -- Dover Diversified, Dover Electronics, Dover Industries, Dover Resources, Dover Systems and Dover Technologies.
SOURCE Dover Corporation
Judith Wilkinson or Eden Abrahams, both of Joele Frank, Wilkinson Brimmer Katcher, 1-212-355-4449, for Dover Corporation
b. Dover Corporation Declares Regular Quarterly Cash Dividend
NEW YORK, May 5 /PRNewswire-FirstCall/ -- The Board of Directors of Dover Corporation (NYSE: DOV) today declared a regular quarterly cash dividend of $.16 (sixteen cents) per share, payable on June 15, 2005 to shareholders of record as of May 31, 2005.
Dover Corporation is a diversified industrial manufacturer with over $5.4 billion in annualized revenues from operating companies that manufacture specialized industrial products and equipment.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| RASE70 bearing | 70 | 260 | 65 |
| RASEY65 bearing | 65 | 257 | 65 |