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Eaton concludes sale of Suspension Division to Oxford Automotive, Inc.
Wed Apr 1, 1998 -
CLEVELAND, OHIO ... Eaton Corporation (NYSE:ETN) today said it has finalized the previously announced sale of its automotive leaf spring business to Oxford Automotive, Inc. of Troy, Michigan. Eaton announced on March 16 its intent to sell the business to Oxford for an undisclosed amount of cash.
The Suspension Division, which is a full-line supplier of multi-plate and long-taper leaf springs for light-, medium- and heavy-duty markets, has 1,126 employees and 1997 sales of $126 million.
With 1997 sales to the automotive industry approaching $2 billion, Eaton is a major supplier of components and controls to global original equipment manufacturers. Primary products include engine components and superchargers; traction modifiers; viscous cooling systems; a wide range of switches, sensors and controls; and mirror actuators.
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 145 manufacturing sites in 28 countries around the world. Sales for 1997 were $7.6 billion.