Eaton reaches agreement to purchase aerospace division of PerkinElmer, Inc.

 

 

 

CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today it has reached agreement with PerkinElmer, Inc. to purchase its aerospace division for $333 million. The transaction is expected to close later this year.

Based in Beltsville, Maryland, the aerospace division of PerkinElmer, Inc. had sales of $150 million and EBITDA of $35 million for the 12 months ended June 30, 2005. It employs 950 people in five locations – three in the United States, one in France and one in Indonesia.

PerkinElmer's aerospace division is a leading provider of sealing and pneumatic systems for large commercial aircraft and regional jets. PerkinElmer products are used in aircraft engines, fuel systems, cabin air and de-icing systems, and hydraulic systems, as well as industrial equipment.

"This acquisition will build upon Eaton's strengths in aerospace conveyance by enabling a more complete fluid and air system solution," said Alexander M. Cutler, Eaton chairman and chief executive officer. "It also complements our recently announced acquisition of the fluid and air division of Cobham plc. The acquisitions of the PerkinElmer and Cobham aerospace businesses will bring our total aerospace business to about $1.2 billion in annual revenue."

PerkinElmer, Inc., is a global technology leader driving growth and innovation in Health Sciences and Industrial Sciences markets to improve the quality of life. The company reported revenues of $1.7 billion in 2004, has 10,000 employees serving customers in more than 125 countries, and is a component of the S&P 500 Index. Additional information is available through www.perkinelmer.com or 1-877-PKI-NYSE.

Eaton Corporation is a diversified industrial manufacturer with 2004 sales of $9.8 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 57,000 employees and sells products to customers in more than 125 countries.

This new release contains a forward-looking statement concerning our Aerospace revenues. This statement should be used with caution and is 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 statement: unanticipated changes in the market for our Aerospace business; unanticipated downturns in business relationships with customers or their purchases from us; and unanticipated deterioration of economic and financial conditions in the United States and around the world. We do not assume any obligation to update this forward-looking statement.

 

Contact Information

William Hartman, vice president, Investor Relations
(216)523-4501
williamhartman@eaton.com

Gary Klasen, director, Media Relations
(216)523-4736
GaryKlasen@eaton.com