Eaton on track for $2.8 billion in acquisitions

Industrial Distribution staff -- Industrial Distribution, 12/20/2007 6:18:00 AM

Eaton Corp. plans to spend $2.8 billion on a pair of acquisitions that will significantly increase the diversified manufacturer’s global footprint.

Cleveland-based Eaton said agreed to buy the Moeller Group, a Bonn, Germany-based commercial and residential electrical components manufacturer for $2.23 billion. The deal, set to close during the first quarter of 2008, brings Moeller’s $1.47 billion in annual sales and 15 plants, 8,700 employees and presence in 90 countries under the Eaton umbrella.

Eaton also bid $565 million for Phoenixtec Power Company Ltd., a Taipei, Taiwan-based manufacturer of single- and three-phase power supply systems. Phoenixtec, which employs 5,800 people, had estimated sales of $495 million for 2007.

“These two transactions further establish Eaton as a leading global supplier of electrical power distribution and control products, as well as power quality equipment and systems,” chairman and CEO Alexander Cutler said. “Once these acquisitions close, our electrical business will have annual revenues in excess of $7.5 billion. Further, Eaton’s mix of international revenues, based on final destination of our products, will be between 55 to 60 percent.”

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