Date: April 5, 2007
Eaton to Purchase Fuel Components Division of Saturn Electronics & Engineering, Inc.
CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it has reached a definitive agreement with Saturn Electronics & Engineering, Inc. to purchase its fuel components division. Terms were not disclosed. The transaction, expected to close in the second quarter, is subject to customary regulatory approvals and closing conditions.
The fuel components division of Saturn Electronics & Engineering, Inc. designs, manufactures and sells fuel containment valves for vehicle safety in the event of vehicle rollover or accident impacts, as well as fuel shutoff valves to prevent splash back and vapor release during refueling. Saturn also produces valves to control Environmental Protection Agency-regulated fuel tank vapor emissions and a variety of other specialty actuators controlling motion and vibration. The division employs approximately 100 people at a facility in Oxford, Mich. In 2006, the fuel components division had sales of approximately $28 million.
“This strategic acquisition complements our existing product portfolio and supports our strategy of providing automakers with technologies that meet their fuel economy, emissions, safety and security needs,” said Stephen M. Buente, Eaton senior vice president and president – Automotive Group. “Saturn is a highly regarded, high-quality design, engineering and manufacturing company and we are eager to incorporate this business into our growing Fuel Emission and Safety Controls business.”
Eaton Corporation is a diversified industrial manufacturer with 2006 sales of $12.4 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 60,000 employees and sells products to customers in more than 125 countries.