Eaton acquires Brazilian automotive controls manufacturer
Fri Dec 11, 1998 -
CLEVELAND, OH… Eaton Corporation today said that it has acquired TGM Automotiva Ltda., a privately-held Sao Paulo, Brazil manufacturer of automotive controls, for an undisclosed amount of cash. TGM employs 88 and had 1997 sales of $9 million.
TGM manufactures a wide range of sensors, switches and lighting products primarily for automotive original equipment manufacturers in Brazil. Major customers include Fiat and Volkswagen.
Alexander M. Cutler, Eaton President and Chief Operating Officer said, "TGM is well-positioned in its market, and will be an excellent fit with our existing Automotive Controls Operations in Brazil. This acquisition expands our product offerings to the Mercosur automotive controls marketplace, and will provide us with an enlarged automotive customer base for the future."
Eaton’s annual sales from operations in Brazil exceed $350 million, and come from products that serve electrical equipment and truck markets, in addition to the automotive industry.
TGM will become part of Eaton’s Automotive Group, which last year had sales approaching $2 billion. Products and systems include a wide range of convenience switches, controls, sensors and actuators, as well as collision warning systems, keyless entry systems and speed-sensitive steering systems.
The group also manufactures systems that provide engine air management, control vehicle dynamics and improve traction, manage fuel vapors and engine emissions, and control engine cooling.
Eaton Corporation is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial and semiconductor markets. Principal products include electrical power distribution and control equipment, truck drivetrain systems, engine components, hydraulic products, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 51,000 employees and 155 manufacturing sites in 25 countries around the world. Sales for 1997 were $7.6 billion.