NEW YORK, May 8 /PRNewswire-FirstCall/ -- Dover Corporation (NYSE: DOV) today announced the completion of a transaction in which Hill PHOENIX, a Dover operating company in its Engineered Systems segment and a leading designer and manufacturer of commercial refrigeration systems, has acquired certain assets and intellectual property of Tyler Refrigeration, a unit of Carrier Corporation. Financial terms of the transaction were not released.

Under the terms of the transaction, Hill PHOENIX has purchased inventory, select equipment and other physical assets, order backlog, intellectual property and the service parts business of Niles, Mich.-based Tyler Refrigeration, a manufacturer of refrigerated display merchandisers and refrigeration systems for the food retail industry. In addition, Hill PHOENIX has also purchased Tyler's five service and installation branch businesses, located in New Jersey, Minnesota, Arizona, Southern California and Mexico. Tyler's manufacturing facility in Niles is not part of the transaction.

'This acquisition is an excellent strategic fit for Hill PHOENIX,' said Ray Hoglund, president and chief executive officer of Dover's Engineered Systems segment. 'It enhances the company's portfolio of industry-leading proprietary technology and adds key talent that will augment product innovation, engineering, field support and other customer related functions at Hill PHOENIX. This transaction improves our position in commercial refrigeration, and after a limited transition period, Tyler customers will be offered Hill PHOENIX products to satisfy ongoing needs, which we expect will increase the annual revenue of Hill PHOENIX by about 30 to 40 percent.'

Robert A. Livingston, Dover's president and chief executive officer said, 'We are excited about this acquisition and the benefits that Tyler's assets will bring as we integrate them into Hill PHOENIX. We continue to pursue synergistic add-on acquisitions in spaces we know well, and are hopeful we will be able to announce other value-enhancing deals as the year progresses.'

Dover Corporation is a global portfolio of manufacturing companies providing innovative components and equipment, specialty systems and support services for a variety of applications in the industrial products, engineered systems, fluid management and electronic technologies markets.