Eaton buying German hydraulic connector firm
Cleveland, OH—Eaton Corp. has agreed with GKN plc, a London-based automotive and aerospace supplier, to purchase GKN's Walterscheid Rohrverbindungstechnik GmbH (Lohmar, Germany) for $48 million.
Cleveland, OH— Eaton Corp. has agreed with GKN plc, a London-based automotive and aerospace supplier, to purchase GKN's Walterscheid Rohrverbindungstechnik GmbH (Lohmar, Germany) for $48 million. The acquisition is expected to close in 2004's third quarter following regulatory approval.
Walterscheid manufactures hydraulic tube connectors and fittings, primarily for the European market, and had sales of $52 million in 2003. 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 VP and group executive for Eaton's Fluid Power business.
A diversified industrial manufacturer with 2003 sales of $8.1 billion, Eaton provides 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.
Control Engineering Daily News Desk
Jim Montague, news editor