Eaton Completes Purchase of Electrical Division of Delta plc
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)announced that it completed its previously announced acquisition of the electrical division of London-based Delta plc (LSE:DLTA).
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)announced that it completed its previously announced acquisition of the electrical division of London-based Delta plc (LSE:DLTA).
The transaction was announced Dec. 9, 2002 for 130 million Pounds Sterling ($215 million at the current exchange rate). Delta announced at a special meeting yesterday that its shareholders voted in favor of the transaction. The European Union approved the purchase on Jan. 23.
Delta's electrical division has 3,400 employees with 13 manufacturing facilities in seven countries. Its major electrical brands include MEM(R), Holec(TM), Bill(TM), Home Automation TM), Elek(TM) and Tabula(TM). Delta's electrical division will be integrated into Eaton's Industrial and Commercial Controls segment, said Randolph W. Carson, Eaton senior vice president and group executive.
"We are delighted to be adding Delta's electrical business to our strong overall electrical franchise. We are also confident that Delta will quickly become an integral part of our worldwide electrical business," Carson said.
Alexander M. Cutler, Eaton chairman and chief executive officer, said the Delta electrical division acquisition "will greatly strengthen Eaton's ability to support our multinational customers in our electrical business. We will be adding well-recognized brands and distribution networks within key European and Asian markets."
Cutler added that the Delta usiness "represents a significanta ddition to the capabilities and geographic footprint of our Industrial and Commercial Controls business."
About Eaton Corporation
Eaton is a global $7.2 billion diversified industrial manufacturer that is a leader in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy; and intelligent truck systems for fuel economy and safety. Eaton has 51,000 employees and sells products in more than 50 countries.
For more information, visit www.eaton.com.
Source: Eaton Corporation plc
