Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)
today announced it has completed the purchase of The Moeller Group, as
announced in Eaton´s December 20, 2007 news release.
The Moeller Group, based in Bonn, Germany, had sales of EUR 1.02
billion for the year ended December 31, 2007. The company is a leading
supplier of components for commercial and residential building
applications and industrial controls for industrial equipment
applications. Moeller sells products primarily to customers in Western
and Eastern Europe and the Asia Pacific region. The Moeller Group has
15 global production facilities, sales offices in more than 90
countries and approximately 8,700 employees.
"This acquisition, coupled with our acquisition of Phoenixtec
Power Company, Ltd., solidifies Eaton´s position as a leading global
supplier of electrical power distribution and control products and
power quality equipment and systems," said Alexander M. Cutler, Eaton
chairman and chief executive officer. "Now that these acquisitions
have closed, our electrical business will have annual revenues in
excess of $7.5 billion. In addition, Eaton´s non-United States
revenues, based on final destination of our products, will be between
55 to 60 percent.
"Additionally," Cutler continued, "The Moeller Group´s broad
portfolio of power distribution and control products that meet
International Electrotechnical Commission (IEC) standards, its
European and Asian distribution networks, and its significant Eastern
European production facilities significantly expand our capabilities
in electrical markets outside the United States."
Eaton Corporation is a diversified industrial manufacturer with
2007 sales of $13.0 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 79,000 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
annual revenues for our electrical business and our non-US annual
revenues. These statements should be used with caution. They are
subject to various risks and uncertainties, many of which are outside
of our control. Factors that could cause actual results to differ
materially from those in the forward-looking statements include the
risks that the new businesses will not be integrated successfully;
unanticipated changes in the markets for our business segments;
unanticipated downturns in business relationships with customers or
their purchases from Eaton; competitive pressures on our sales and
pricing; increases in the cost of material, energy and other
production costs, or unexpected costs that cannot be recouped in
product pricing; the introduction of competing technologies;
unexpected technical or marketing difficulties; new laws and
governmental regulations. We do not assume any obligation to update
these forward-looking statements.
