Eaton to buy 50% stake in business that makes busway products in China
Eaton to buy 50% stake in business that makes busway products in China
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Power management company Eaton (NYSE: ETN) is buying a 50% stake in a company that makes busway products in China.
Eaton, which is based in Dublin, Ireland, but maintains its North American headquarters in Beachwood, said in a news release on Monday morning, April 26, that it has signed an agreement to acquire Jiangsu YiNeng Electric s busway business, which had sales of $60 million in 2020. A busway is a refabricated electrical distribution system consisting of bus bars in a protective enclosure, including straight lengths, fittings, devices and accessories.
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Eaton to acquire a 50% stake in HuanYu High Tech
CRAIN S CLEVELAND BUSINESS
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Power management company Eaton (NYSE: ETN) said it has agreed to acquire a 50% stake in HuanYu High Tech, a subsidiary of HuanYu Group that makes low-voltage circuit breakers and contactors in China and throughout the Asia-Pacific region.
The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in the second quarter of 2021, Eaton said in a news release on Tuesday, Dec. 15. Specific financial terms of the deal were not disclosed.
Eaton, which is based in Dublin, Ireland, but has its North American headquarters in Beachwood, said HuanYu High Tech had 2019 sales of $106 million. Its production operations are in Wenzhou, China.
Eaton To Buy 50% Stake In HuanYu High Tech
BEIJING (dpa-AFX) - Power management company Eaton Corp. plc (ETN) said Tuesday it has agreed to acquire a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and the Asia-Pacific region. Financial terms of the deal were not disclosed.
HuanYu High Tech recorded sales of $106 million in 2019 and has production operations in Wenzhou, China.
The transaction, which expands Eaton s range of low-voltage electrical components sold in Asia Pacific, is expected to close in the second quarter of 2021. HuanYu High Tech s strong product portfolio and manufacturing capabilities, combined with Eaton s global scale and access to the broader Southeast Asian market, opens up many exciting opportunities for us to grow our business in Asia, said Howard Liu, president, Asia-Pacific Region, Electrical Sector and Corporate China, Eaton.