Eaton purchases automotive lifter manufacturer Morestana
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CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today it has purchased Mexican automotive lifter manufacturer Morestana S.A. de C.V. for $8 million. Morestana, which was owned by DESC, S.A. de C.V., produces hydraulic lifters for automotive engine manufacturers and the automotive aftermarket. Morestana had 2004 sales of $13 million. It has 230 employees and is based in Aguascalientes, Mexico, northwest of Mexico City. "Morestana's complementary product lines provide Eaton with the capability to deliver complete valve actuation products to our global customers," said Joseph Palchak, vice president -- engine air management operations. "The purchase strengthens our position in the automotive aftermarket and with engine manufacturers, offering products and business opportunities for both our North American and Mexican customers." DESC, S.A. de C.V. (BMV:DESC) is one of the largest industrial groups in Mexico, with 2004 sales of approximately US $2 billion and nearly 14,000 employees, which through its subsidiaries is a leader in the automobile parts, chemical, food and real estate sectors. 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 56,000 employees and sells products to customers in more than 125 countries. |
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