July 31, 2008
Eaton Acquires Engine Valves Business Of Kirloskar Oil Engines Ltd.
CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it has acquired the engine valves business of Kirloskar Oil Engines Ltd. Terms of the transaction were not disclosed.
"Through this acquisition, we will be able to use our global resources to meet the needs of the domestic Indian customer base and provide support to our customers around the world,” said Joseph P. Palchak, chief executive officer – Automotive Group. “In addition, Kirloskar’s new facility in Ahmednagar, India, provides Eaton with a first-class valve facility, expansion opportunities and an experienced workforce.”
The engine valves business of Kirloskar Oil Engines Ltd. employs approximately 500 people in India and had 2007 sales of approximately $5 million. The business designs, manufactures and sells intake and exhaust valves for diesel and gasoline engines.
Eaton Corporation is a diversified power management company with 2007 sales of $13 billion. Eaton is a global technology leader in electrical systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has 81,000 employees and sells products to customers in more than 150 countries.
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