RTTNews | Oct 12, 2021 02:52AM EDT

02:52 Tuesday, October 12, 2021 (RTTNews.com) - Dover (DOV) has agreed to sell its Unified Brands business to Electrolux Professional AB for approximately $244 million, on a cash free and debt free basis. The deal is anticipated to close in the fourth quarter of 2021.

Dover's CEO, Richard Tobin, said, "This transaction will allow Dover to concentrate our time and capital on growing our core business platforms, while Unified Brands will benefit from Electrolux Professional's focus on the commercial foodservice market and its complementary customer base, product lines and channel partners."

Unified Brands designs, manufactures and markets professional cooking equipment for commercial food service operators. It is projected to generate approximately $135 million in sales in 2021.

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