DUBLIN, Ireland …Power management company Eaton (NYSE:ETN) announced it has entered into an agreement to sell its Aerospace Power Distribution Management Solutions and Integrated Cockpit Solutions business to Safran for $270 million. The transaction is expected to close in the first half of 2014 and is subject to Eaton Board approval, regulatory approvals and satisfaction of other customary closing conditions.
“The sale of this business is consistent with Eaton's long-term strategy to grow the Aerospace business by focusing on its core competencies of hydraulics, fuel, conveyance, motion control and engine solutions, areas where we are an industry leader,” said Uday Yadav, president, Eaton’s Aerospace Group.
The Aerospace Power Distribution Management Solutions and Integrated Cockpit Solutions business employs approximately 350 people at manufacturing facilities in Costa Mesa, California and Sarasota, Florida. The business produces illuminated switches, cockpit panel assemblies, pilot controls, and passenger safety unit latches, as well as circuit protection, power distribution and switch components and sub-systems for aerospace and industrial applications. Sales were approximately $102 million in 2013.
Eaton is a power management company providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. A global technology leader, Eaton acquired Cooper Industries plc in November 2012. The 2012 revenue of the combined companies was $21.8 billion on a pro forma basis. Eaton has approximately 102,000 employees and sells products to customers in more than 175 countries. For more information, visit www.eaton.com.