Eaton Plans to Acquire domnick hunter group
Diversified industrial manufacturer Eaton Corporation today announced that it has made a cash offer for the entire issued and to-be-issued share capital of domnick hunter group plc.
The offer is subject to certain regulatory approvals and other conditions and the necessary level of domnick hunter shareholder acceptance. The acquisition is expected to close later this year. Eaton said that the acquisition is expected to be accretive to Eaton's earnings per share after integration costs and synergies within the first full year of integration.
Traded on the London Stock Exchange, domnick hunter group had 2004 revenues of $280 million. It is an international group of companies specializing in the design and manufacture of leading filtration, separation and purification products and solutions for a wide range of industries and applications. The company operates in 25 countries and employs more than 1,900 people.
Eaton Corporation is a diversified industrial manufacturer with 2004 sales of $9.8 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 56,000 employees and sells products to customers in more than 125 countries.
Source: Eaton Corporation plc