CLEVELAND, OHIO...Eaton Corporation today announced it has acquired a Dutch automotive controls company, the IKU Group of The Netherlands, for an undisclosed amount.
With manufacturing facilities in Montfoort, The Netherlands; Three Rivers, Michigan; and Gdansk, Poland, IKU is a leading supplier of electric mirror actuators for automotive manufacturers. The privately-owned company developed the first actuator used for mirrors in passenger cars during the early 1970s. Its patented designs are used by every major mirror manufacturer in the United States, Europe and Korea. IKU has approximately 600 employees, including 245 at its Michigan location, and had sales of approximately $80 million in 1994.
William E. Butler, Eaton Corporation Chairman and Chief Executive Officer said, "One of the company's strategic objectives has been to turn our automotive and appliance controls business into a major international competitor, and our growth in this area bears this out. Ten years ago our sales in these markets were about $200 million. Today they are more than $1 billion, with the largest portion of the increase occurring in the past three years.
"IKU's innovations in the development of mirror actuators are well known to their many customers, and are an excellent complement to Eaton's automotive controls operations. This acquisition provides a unique opportunity for us to expand our capabilities in the high-growth actuator/sensor product segment, and strengthens Eaton's position as a worldwide automotive controls supplier," Butler said.
Eaton Corporation is a global manufacturer of highly engineered products which serve vehicle, industrial, construction, commercial, aerospace and marine 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.