Eaton to sell electronic control systems business unit
CLEVELAND, OHIO....Eaton Corporation (NYSE:ETN) today said it will sell an electronic control systems business unit that it acquired as part of its April 9, 1999 purchase of Aeroquip-Vickers, Inc.
The unit, Vickers Electronics Systems (VES), is a leader in electronic motion control systems, including controls software, motors and drives for manufacturing. The business provides PC-based open architecture controllers and complete after-market services for machine tool and plastics processing markets and a broad range of other industries.
VES has four manufacturing locations, two in the greater Cincinnati, Ohio area, one in Bedford, England and one in Casella, Italy. The business has approximately 800 employees and had 1998 sales of $130 million.
Eaton said it had made the decision to sell VES because it lacked synergies with Eaton's existing businesses and did not fit the company's longer-term strategic objectives.
Aeroquip-Vickers, which purchased VES from Cincinnati Milacron in 1995, had 1998 sales of $2.1 billion, and manufactures engineered components and systems for industrial, aerospace and automotive markets worldwide.
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 65,000 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.