Eaton Agrees to Acquire Turkish Hose Manufacturer Polimer Kauçuk Sanayi ve Pazarlama A.Ş.
Date: February 27, 2012
MORGES, Switzerland … Diversified industrial manufacturer Eaton Corporation has agreed to acquire Polimer Kauçuk Sanayi ve Pazarlama A.Ş., a Turkish manufacturer of hydraulic and industrial hose. The company’s headquarters are located near Istanbul and many of its products are sold globally under the SEL Hose brand name. The company’s primary markets include construction, mining, agriculture, oil and gas, manufacturing, food and beverage, and chemicals. Eaton announced the signing on February 24 in New York, during its annual meeting with financial analysts. The deal is subject to customary closing conditions. Terms were not disclosed.
“The planned acquisition of Polimer Kauçuk will significantly broaden Eaton’s portfolio of hose products,” said Alexander M. Cutler, Eaton chairman and chief executive officer. “This acquisition will also further expand Eaton’s global hose manufacturing footprint and allow us to better serve emerging markets with a range of hose solutions. We anticipate the transaction will close early in the second quarter.”
Astrid Mozes, president of Eaton’s Hydraulics Group in Europe, Middle East and Africa (EMEA) said: “Many of our customers and distributors in this region are global leaders in their industries. This acquisition will significantly enhance our ability to serve their fluid conveyance product needs with a broader product array and enhanced regional manufacturing. We look forward to welcoming all new customers, distributors, suppliers and employees to the Eaton family once this deal is completed.”
Polimer Kauçuk Sanayi ve Pazarlama A.Ş. is headquartered in Turkey. The business employs more than 2,100 people and had 2011 sales of approximately $335 million.
Eaton Corporation is a diversified power management company with more than 100 years of experience providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. With 2011 sales of $16.0 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 73,000 employees and sells products to customers in more than 150 countries.
Click here to read the Turkish translation of this release.
“The planned acquisition of Polimer Kauçuk will significantly broaden Eaton’s portfolio of hose products,” said Alexander M. Cutler, Eaton chairman and chief executive officer. “This acquisition will also further expand Eaton’s global hose manufacturing footprint and allow us to better serve emerging markets with a range of hose solutions. We anticipate the transaction will close early in the second quarter.”
Astrid Mozes, president of Eaton’s Hydraulics Group in Europe, Middle East and Africa (EMEA) said: “Many of our customers and distributors in this region are global leaders in their industries. This acquisition will significantly enhance our ability to serve their fluid conveyance product needs with a broader product array and enhanced regional manufacturing. We look forward to welcoming all new customers, distributors, suppliers and employees to the Eaton family once this deal is completed.”
Polimer Kauçuk Sanayi ve Pazarlama A.Ş. is headquartered in Turkey. The business employs more than 2,100 people and had 2011 sales of approximately $335 million.
Eaton Corporation is a diversified power management company with more than 100 years of experience providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. With 2011 sales of $16.0 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 73,000 employees and sells products to customers in more than 150 countries.
Click here to read the Turkish translation of this release.
Jonathan Dinkeldein, +41 79 581 7809