German automaker BMW designates Eaton Corporation for $150 million program
CLEVELAND, OHIO… Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today said it has been selected by BMW to provide Aeroquip-brand fluid hose assemblies for two major automobile production models. Eaton said it expects total revenues from the "nominated supplier" understanding to exceed $150 million for the life of the program.
The hose assemblies will be part of the air conditioning and power steering system of a new BMW vehicle to be launched in the near future. On the Series 7 sedan, Eaton has started supplying power steering and Active Ride suspension hose assemblies in 2002.
In addition to fluid connectors, Eaton is a major supplier of a wide range of components and systems to virtually all of the world’s automotive original equipment manufacturers. With a primary emphasis on fuel economy, safety and environmentally friendly products, Eaton is a leader in the development of engine air management systems, and powertrain and specialty controls.
Eaton Corporation is a global $8 billion diversified industrial manufacturer that is a leader in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy; and intelligent truck systems for fuel economy and safety. Eaton has 49,000 employees and sells products in more than 50 countries.
This news release contains a forward looking statement concerning the value of the nominated supplier arrangement with BMW. This statement should be used with caution. It is subject to various risks and uncertainties, some of which are outside the control of the company. Important factors that could cause actual results to differ materially from those indicated by the forward looking statement include market conditions for BMW vehicles and unexpected cost or contractual difficulties. We do not assume any obligation to update this forward looking statement.