Eaton completes Walterscheid purchase
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CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today it has completed the purchase of Walterscheid Rohrverbindungstechnik GmbH (Walterscheid) from GKN plc, a London-based automotive and aerospace supplier. Eaton reported on June 22 that it reached agreement with GKN to purchase Walterscheid for $48 million. Walterscheid is a German manufacturer of hydraulic tube connectors and fittings and had 2003 sales of $52 million. Its products are used in mobile and stationary markets such as construction, agricultural equipment and machine tools. Eaton Corporation is a diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton is a global leader in fluid power systems and services for industrial, mobile and aircraft equipment; electrical systems and components for power quality, distribution and control; automotive engine air management systems and powertrain controls for fuel economy; and intelligent drivetrain systems for fuel economy and safety in trucks. Eaton has 55,000 employees and sells products to customers in more than 100 countries. |
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