Eaton Corp. looks to raise $1.4 billion on stock offering

Industrial Distribution staff -- Industrial Distribution, 4/23/2008 8:56:00 AM

Eaton Corp. hopes to net roughly $1.43 billion from the sale of 17.5 million shares of its stock at $84 per share in an attempt to pay down its debt.

The Cleveland-based diversified manufacturer said it gave underwriters the option to buy an additional 1.75 million shares to cover “over-allotments.”

“Eaton expects to receive net proceeds, after underwriting discounts and expenses and assuming the underwriters’ over-allotment option is not exercised, of approximately $1.43 billion,” the company said in a statement.

The move is an effort to pay back debts incurred with its purchases of German commercial and residential electrical components manufacturer Moeller and Taiwanese single- and three-phase power supply systems maker Phoenixtec, Eaton said in the statement.

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