Eaton Corp. is buying the fine filtration business of Tulsa-based Dover Resources Inc.
Eaton, a Cleveland-based diversified products manufacturer, said it reached a definitive agreement with Dover to buy its Ronningen-Petter industrial filtration business. Terms of the deal are not being disclosed, according to Eaton spokeswoman Kelly Jasko, who spoke to Crain’s Cleveland Business.
Ronningen-Petter provides filters and components to the oil and gas, paper and pulp, and food and beverage industries. The company, which is based in Portage, Mich., has 110 employees and 2005 sales of approximately $30 million, according to an Eaton statement. The transaction is expected to close by the end of the third quarter.
Dover is a multi-billion dollar, NYSE-traded, diversified manufacturer of a wide range of proprietary products and components for industrial and commercial use. It is comprised of 11 companies organized into three groups, Oil and Gas Equipment, Fluid Solutions, and Material Handling. In 2004, Dover exceeded $1.0 billion in sales and $200 million in earnings for the first time.