Eaton Agrees to Purchase Hydraulics Manufacturer in China
Diversified industrial manufacturer Eaton Corporation announced it has signed an agreement to purchase the businesses of Winner Group Holdings Ltd., a China-based company that produces hydraulic hose fittings and adapters for the greater Chinese market.
The purchase will be completed through a combination of share and asset purchases. Terms were not disclosed. Winner had 2003 sales of $28 million. The purchase is expected to be completed in the first quarter of 2005.
Winner is based in Hong Kong with operations in mainland China in Shanghai, Ningbo, Guangzhou and Luzhou. It primarily serves the Chinese market with products used in stationary and mobile construction equipment applications. Winner employs about 750 people.
"Winner's broad portfolio of hydraulic hose fittings and adapters is specifically suited to the Chinese market and strengthens our product range," said Craig Arnold, senior vice president and group executive for Eaton's fluid power business. "Its extensive sales network and local manufacturing operations will help us meet customer needs in the growing Chinese market."
Eaton Corporation is a diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton is a global leader in fluid power systems and services for industrial, mobile and aircraft equipment; electrical systems and components for power quality, distribution and control; automotive engine air management systems and powertrain controls for fuel economy; and intelligent drivetrain systems for fuel economy and safety in trucks. Eaton has 55,000 employees and sells products to customers in more than 100 countries.
Source: Eaton Corporation plc