Eaton completes Phoenixtec buy

Industrial Distribution staff -- Industrial Distribution, 2/26/2008 6:56:00 AM

Eaton Corp. acquired 91 percent of Phoenixtec Power Company Ltd., consummating its bid for the Taiwanese power supply products manufacturer.

The Cleveland-based diversified manufacturer said it expects to acquire the remaining 9 percent of the company; the total purchase price would be $568 million.

Phoenixtec, which had estimated sales of $495 million last year, has plants in China and Taiwan and employs roughly 5,800 people.

The deal is one of a pair of acquisitions Eaton announced late last year, for a total of $2.8 billion, that will significantly expand its global footprint.

The company agreed to spend $2.23 billion on German commercial and residential electrical components manufacturer Moeller Group in December.

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