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Eaton to study possible sale of equity in its Semiconductor Equipment business
Thu Feb 24, 2000 -
CLEVELAND, OHIO…Eaton Corporation (NYSE:ETN) today announced that it has engaged Goldman, Sachs & Co. to study the feasibility of Eaton selling a minority equity interest in its Semiconductor Equipment segment through an initial public offering. A possible sale of equity would involve less than a 20 percent equity interest in Eaton's Semiconductor Equipment business.
Semiconductor Equipment sales were $397 million in 1999, an increase of nearly 50 percent from 1998. Operating profits improved by $111 million during the same period.
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, Ohio, the company has 63,000 employees and 195 manufacturing sites in 23 countries. Eaton's sales for 1999 were $8.4 billion.