Eaton reaches agreement to purchase Synflex, thermoplastic hose and tubing manufacturer
CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today it has signed an agreement with Saint-Gobain Performance Plastics Corporation to purchase its Synflex business unit. The transaction, expected to close by the end of March, is subject to regulatory approvals and other customary closing conditions. Terms were not disclosed.
Synflex, which had 2005 sales of about $120 million, makes thermoplastic hoses and tubing for a range of industries, including transportation, beverage dispensing, fluid power and specialty applications.
"The acquisition of Synflex will provide Eaton with an expanded range of thermoplastic hose and tubing products for customers in a broad range of fluid conveyance applications, including the transportation, oil and gas, material handling, and utility industries," said Craig Arnold, senior vice president and president - Fluid Power Group.
Synflex employs about 450 people in four locations - three in the United States and one in Belgium.
Saint-Gobain Performance Plastics is part of Compagnie de Saint-Gobain (Paris), a leading worldwide producer, processor and distributor of materials. Saint-Gobain had sales of approximately $43.7 billion in 2005 and employs about 200,000 people in 55 countries.
Eaton Corporation is a diversified industrial manufacturer with 2005 sales of $11.1 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 59,000 employees and sells products to customers in more than 125 countries.