Press release from Business Wire
Eaton Agrees to Acquire Jeil Hydraulics Co., Ltd.
Friday, April 20, 2012
Eaton Agrees to Acquire Jeil Hydraulics Co., Ltd.09:00 EDT Friday, April 20, 2012 CLEVELAND (Business Wire) -- Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it has agreed to acquire substantially all of the shares of Jeil Hydraulics Co., Ltd. Headquartered in South Korea, Jeil Hydraulics is a manufacturer of track drive motors, swing drive motors, main control valves and remote control valves for the construction equipment market. The deal is subject to customary closing conditions. Terms were not disclosed. “The acquisition of Jeil Hydraulics provides Eaton with a well-established portfolio of hydraulic components for the construction equipment market in Asia,” said William R. VanArsdale, president, Eaton's Hydraulics Group. “The combination of Jeil Hydraulics' customer relationships and Eaton's manufacturing and supplier network will improve our presence and strengthen future growth in the region.” Jeil Hydraulics is headquartered in Busan, South Korea and had 2011 sales of approximately $189 million. 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, systems and services 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 72,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com. Eaton CorporationScott R Schroeder, email@example.com