CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced Eaton has acquired an additional 50 percent of the outstanding shares of Micro Innovation Holding AG from Eaton’s joint venture partner. This increases Eaton’s ownership of the company from 50 percent to 100 percent. Terms were not disclosed.
Headquartered in St. Gallen, Switzerland, Micro Innovation manufactures human machine interfaces, programmable logic controllers and input/output devices. The company employs approximately 80 people and had sales in fiscal year 2008 of approximately $33 million. Eaton gained its initial stake in Micro Innovation as part of Eaton’s 2008 acquisition of The Moeller Group.
Eaton Corporation is a diversified power management company with 2008 sales of $15.4 billion. Eaton is a global technology leader in electrical components and 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 approximately 70,000 employees and sells products to customers in more than 150 countries.