Eaton to buy truck transmission company in Poland
Tue Jun 9, 1998 -
CLEVELAND, OH.... Eaton Corporation today announced it has signed a preliminary agreement to purchase Fabryka Przekladni Samochodowych (FPS), a truck transmission manufacturing company based in Gdansk, Poland. The transaction, which is for an undisclosed amount, is subject to normal governmental approval.
FPS, which has annual sales of approximately $20 million and about 900 employees, is the largest manufacturer of truck, bus and van transmissions in Poland. The company also manufactures truck transfer boxes, power take-offs, splitter boxes and gear shift mechanisms for domestic and export markets.
Thomas W. O’Boyle, Eaton Senior Vice President–Truck Components, said, "The acquisition of FPS is consistent with our global growth strategy. It gives us access to the expanding East European market, and, when viewed in combination with our existing truck components capabilities throughout Europe and the rest of the world, will further enable us to meet customer needs for drivetrain solutions."
The acquisition of FPS is the latest in a series of global expansion moves by Truck Components over the past two years that includes the purchase of a light- and medium-duty vehicle transmission business in Brazil, construction of a new $70 million passenger car transmission components facility in Brazil, buying Dana Corporation’s truck clutch business and building a new heavy truck transmission plant in China.
With worldwide sales exceeding $2 billion in 1997, Eaton’s Truck Components business is a leader in the design, manufacture and marketing of drivetrain components for all classes of vehicles. Principal products are light-, medium- and heavy-duty manual and automated transmissions, clutches, trucking information systems and chassis control systems.
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 49,000 employees and 143 manufacturing sites in 26 countries around the world. Sales for 1997 were $7.6 billion.