CLEVELAND, OH...Eaton Corporation today said it has signed a letter of intent with Figgie International Inc. (NASDAQ/NMS: FIGIA AND FIGI) to purchase Hartman Electrical Manufacturing of Mansfield, Ohio, for an undisclosed amount.
Hartman, which had 1994 sales of $20.1 million and employs 190, manufactures high current electromechanical relay products for use in military and commercial aircraft. The company also supplies the Electronic Load Management System for the new Boeing 777.
Hartman will become part of Eaton's Aerospace Controls Division, which manufactures fluid, motion and cockpit controls, as well as lighted switches, displays and systems, at plants located in Costa Mesa and El Segundo, California, Sarasota, Florida and Bethel, Connecticut. Eaton said it expects to complete the transaction by the end of 1995.
Eaton Corporation is a global manufacturer of highly engineered products which serve vehicle, industrial, construction, commercial and aerospace markets. Principal products include truck transmissions and axles, engine components, hydraulic products, electrical power distribution and control equipment, ion implanters and a wide variety of controls. Headquartered at Eaton Center in Cleveland, the company has 52,000 employees and 150 manufacturing sites in 22 countries around the world. Sales for 1994 were $6.1 billion.
Figgie International is a Willoughby, Ohio-based operating company comprising four divisions that manufacture sophisticated electronics equipment, aerial work platforms, oxygen and air-breathing equipment, and environmental measurement products. The company reported 1994 sales from continuing operations of $319 million.