Eaton acquires Donnelly mirror actuator assets in Ireland
CLEVELAND, OHIO… Diversified industrial manufacturer Eaton Corporation (NYSE: ETN), announced today that it has acquired the assets of the European portion of a vehicle mirror actuator business of Donnelly Corporation (NYSE: DON) located in Manorhamilton, Ireland, for an undisclosed amount.
Stephen M. Buente, senior vice president and group executive - Automotive, said that Eaton worked very closely with IDA Ireland, the Irish investment and development agency, to ensure the best possible results in the North West Region of Ireland. "We found this location to be ideal for a manufacturing business such as ours, and we hope that today's announcement will be followed by additional actions in the future to meet the growing demand for our safety-related mirror control products," he said.
Buente said that Eaton intends to strategically reconfigure the facility so that it will include not only the Donnelly mirror actuator business Eaton purchased, but that additional Eaton mirror control business will be moved into the facility to replace the balance of Donnelly products being relocated from Manorhamilton. The reconfiguration is expected be completed by early 2002, and result in an operation generating annual sales of about $50 million in the next two to three years.
With facilities in Montfoort, Netherlands, Three Rivers, Michigan and Pyungtek, Korea, Eaton's Mirror Controls Division is a world leader in the supply of mirror control solutions to the global automotive industry.
Eaton Corporation is a global $8 billion diversified industrial manufacturer that is a leader in fluid power systems, electrical power quality, distribution and control, automotive engine air management and fuel economy, and intelligent truck systems for fuel economy and safety. Eaton has 51,000 employees and sells products in more than 50 countries.