Eaton to Purchase German Hydraulic Connector Company
Diversified industrial manufacturer Eaton Corporation announced it has signed an agreement with GKN plc, a London-based global automotive and aerospace supplier, to purchase GKN's Walterscheid Rohrverbindungstechnik GmbH business (Walterscheid) for $48 million.
Walterscheid is a German manufacturer of hydraulic tube connectors and fittings primarily for the European market. The acquisition is expected to close in the third quarter following regulatory approval.
Walterscheid had 2003 sales of $52 million and is located in Lohmar, Germany, near Cologne. Its products are used in mobile and stationary markets such as construction, agricultural equipment and machine tools.
"Walterscheid's metric tube connectors and fittings expand our European product range and sales channels while also strengthening our position as a systems provider," said Craig Arnold, senior vice president and group executive for Eaton's Fluid Power business.
Eaton Corporation (NYSE:ETN) 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 54,000 employees and sells products to customers in more than 100 countries.
Source: Eaton Corporation plc