Eaton concludes sale of Engineered Fasteners Division to TransTechnology Corporation

CLEVELAND, OHIO…Eaton Corporation (NYSE:ETN) today said it has concluded the sale of the company's Engineered Fasteners Division to TransTechnology Corporation (NYSE:TT) for $173 million cash.

On July 13, 1999, the two companies announced the signing of a definitive agreement whereby Eaton would sell its Engineered Fasteners business unit to TransTechnology. Eaton had announced on March 25, 1999, its intent to sell its Engineered Fasteners and Fluid Power Divisions to offset, in part, the cost of the company's acquisition of Aeroquip-Vickers, Inc.

Engineered Fasteners will combine with TransTechnology's Palnut® fastener operation in Mountainside, New Jersey, to form Engineered Components, LCC, which will be headquartered in Brunswick, Ohio, and will coordinate the activities of the three Engineered Fasteners facilities and the Mountainside operation.

TransTechnology, headquartered in Liberty Corner, New Jersey, is a multinational manufacturer of specialty fasteners and aerospace products with more than 2,600 employees at its 15 facilities in the U. S., Canada, England, Germany and Brazil. Sales for the fiscal year ended March 31, 1999 were $228 million.

Prior to the sale, Eaton's Engineered Fasteners Division had 650 employees and 1998 sales of $94 million. It manufactures a wide variety of fastening devices for automotive, business equipment, consumer electronics and home appliance markets. The division has manufacturing facilities in Brunswick and Massillon, Ohio, and Hamilton, Ontario, Canada.

TransTechnology, the sixth largest fastener manufacturer in the United States, is also the largest manufacturer of retaining rings in the world, and a leader in the design and manufacture of heavy duty hose clamps. The company also manufactures rivets and externally threaded fasteners for the aerospace industry and specialty machined and cold headed products. TransTechnology's Aerospace Products Group is the world's leading manufacturer of sophisticated lifting and restraining products used on rescue missions by military and civilian helicopters, as well as of rods used to hold aircraft engine cowlings open.

Primary markets for TransTechnology's fastening products include heavy truck, off-road equipment, automobile, marine, civilian and military aircraft and consumer goods ranging from appliances to computers, toys, and photographic equipment. The Internet address for TransTechnology is: Eaton is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial, aerospace and semiconductor markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 64,500 employees and 215 manufacturing sites in 25 countries around the world. Eaton's sales for 1998 were $6.6 billion. On April 9, 1999, Eaton acquired Aeroquip-Vickers, Inc., which had sales of $2.1 billion in 1998.



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Renald Romain