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Eaton Expands in Aerospace, Will Buy Cobham Mission Systems for $2.8B The news comes just three days after Eaton said it would buy power management supplier Tripp Lite for $1.65 billion. Feb 2nd, 2021 Eaton Power management supply giant Eaton has begun 2020 with a bang, announcing two major acquisitions within a four-day stretch. The Dublin, Ireland-based company said Monday that it has signed an agreement to acquire Cobham Mission Systems (CMS), a major supplier of air-to-air refueling systems, environmental systems and actuation primarily for defense markets. Eaton will pay $2.83 billion for CMS, which includes $130 million in tax benefits. That cost represents about 14 times CMS 2020 EBITDA and 13 times its estimated 2021 EBITDA. ....
Operator Ladies and gentlemen, thank you for your patience and holding. And welcome to the Eaton Fourth Quarter of 2020 Earnings Call. [Operator Instructions] And later there ll be an opportunity for your questions. [Operator Instructions] Just a brief reminder, today s conference is being recorded. I m now happy to turn the conference over to Senior Vice President of Investor Relations, Yan Jin. Yan Jin Senior Vice President of Investor Relations Hi, good morning. I m Yan Jin, Eaton s Senior Vice President of Investor Relations. Thank you all for joining us for Eaton s fourth quarter 2020 earnings call. With me today are Craig Arnold, our Chairman and CEO; and Rick Fearon, Vice Chairman, our Chief Financial and Planning Officer. ....
By Reuters Staff 1 Min Read (Reuters) - Hydraulics maker Eaton Corp said on Monday it had agreed to buy air-to-air refueling equipment maker Cobham Mission Systems in a $2.83 billion deal to strengthen its aerospace business. U.S.-based Cobham mainly serves the defense sector, Eaton said. Excluding $130 million in tax benefits, Cobham’s purchase price is about 14 times its 2020 earnings before interest, taxes, depreciation, and amortization (EBITDA) and 13 times its estimated 2021 EBITDA, Eaton said. Ireland-based Eaton makes products including explosion-proof instrumentation, pumps, motors and hydraulic power units. The deal is expected to close in the second half of 2021. Reporting by Ankit Ajmera in Bengaluru; Editing by Vinay Dwivedi ....
3682 Eaton (NYSE: ETN) has reported signature on an agreement to acquire Cobham Mission Systems for USD 2.83 Billion, inclusive of USD 130 Million in tax benefits. The acquisition is subject to customary closing conditions and is anticipated to close within the second half of 2021. “Cobham Mission Systems’ highly complementary products and strong position on growing defense platforms will enhance our fuel systems business and position our Aerospace business for future growth,” said Heath Monesmith, president and chief operating officer, Industrial Sector, Eaton. “We look forward to welcoming CMS to Eaton.” Eaton focuses on improving the quality of life and environment through proper power management technologies and services. The company provides sustainable solutions to help customers manage electrical mechanical and hydraulic power safely, efficiently and more reliably. The company reported revenues of USD 21.4 Billion a ....