Press release from Business Wire
Eaton Agrees to Acquire Turkish Hose Manufacturer Polimer Kauçuk Sanayi ve Pazarlama A.Ş.
<p> <b>Announces Increase in Full Year Earnings Per Share Guidance of $.03; Operating Earnings Per Share Guidance Raised by $.05</b> </p>
Friday, February 24, 2012
Eaton Agrees to Acquire Turkish Hose Manufacturer Polimer Kauçuk Sanayi ve Pazarlama A.Ş.09:19 EST Friday, February 24, 2012 CLEVELAND (Business Wire) -- Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it has agreed to acquire Polimer Kauçuk Sanayi ve Pazarlama A.Ş., a Turkish manufacturer of hydraulic and industrial hose. The company's headquarters are located near Istanbul and many of its products are sold globally under the SEL Hose brand name. The company's primary markets include construction, mining, agriculture, oil and gas, manufacturing, food and beverage, and chemicals. The deal is subject to customary closing conditions. Terms were not disclosed. “The planned acquisition of Polimer Kauçuk will significantly broaden Eaton's portfolio of hose products,” said Alexander M. Cutler, Eaton chairman and chief executive officer. “This acquisition will also further expand Eaton's global hose manufacturing footprint and allow us to better serve emerging markets with a range of hose solutions. We anticipate the transaction will close early in the second quarter.” Polimer Kauçuk Sanayi ve Pazarlama A.Ş. is headquartered in Turkey. Founded in 1957, the business employs more than 2,100 people and had 2011 sales of approximately $335 million. As a result of the planned acquisition, Eaton is increasing its guidance for 2012 earnings per share by $.03 to between $4.13 and $4.53. Before acquisition integration charges, operating earnings per share are expected to increase by $.05 to between $4.20 and $4.60. The company announced its initial 2012 earnings per share forecast in its fourth quarter earnings results on January 26, 2012. Eaton Corporation is a diversified power management company with more than 100 years of experience providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. With 2011 sales of $16.0 billion, Eaton is a global technology leader in electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 73,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com. This news release contains forward-looking statements concerning full year 2012 net income per share and operating earnings per share. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company's control. The following factors could cause actual results to differ materially from those in the forward-looking statements: unanticipated changes in the markets for the company's business segments; unanticipated downturns in business relationships with customers or their purchases from us; competitive pressures on sales and pricing; increases in the cost of material and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; unexpected claims, charges, litigation or dispute resolutions; the impact of acquisitions and divestitures; unanticipated difficulties delaying the closing of or integrating acquisitions; new laws and governmental regulations; interest rate changes; changes in currency exchange rates; stock market fluctuations; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update these forward-looking statements. Eaton CorporationScott Schroeder, Media Relations, firstname.lastname@example.orgDonald Bullock, Investor Relations, 216-523-5127