Eaton Completes Purchase Of The Moeller Group
CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it has completed the purchase of The Moeller Group, as announced in Eaton’s December 20, 2007 news release.
The Moeller Group, based in Bonn, Germany, had sales of €1.02 billion for the year ended December 31, 2007. The company is a leading supplier of components for commercial and residential building applications and industrial controls for industrial equipment applications. Moeller sells products primarily to customers in Western and Eastern Europe and the Asia Pacific region. The Moeller Group has 15 global production facilities, sales offices in more than 90 countries and approximately 8,700 employees.
“This acquisition, coupled with our acquisition of Phoenixtec Power Company, Ltd., solidifies Eaton’s position as a leading global supplier of electrical power distribution and control products and power quality equipment and systems,” said Alexander M. Cutler, Eaton chairman and chief executive officer. “Now that these acquisitions have closed, our electrical business will have annual revenues in excess of $7.5 billion. In addition, Eaton’s non-United States revenues, based on final destination of our products, will be between 55 to 60 percent.
“Additionally,” Cutler continued, “The Moeller Group’s broad portfolio of power distribution and control products that meet International Electrotechnical Commission (IEC) standards, its European and Asian distribution networks, and its significant Eastern European production facilities significantly expand our capabilities in electrical markets outside the United States.”
Eaton Corporation is a diversified industrial manufacturer with 2007 sales of $13.0 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 79,000 employees and sells products to customers in more than 150 countries.
This news release contains forward-looking statements concerning annual revenues for our electrical business and our non-US annual revenues. These statements should be used with caution. They are subject to various risks and uncertainties, many of which are outside of our control. Factors that could cause actual results to differ materially from those in the forward-looking statements include the risks that the new businesses will not be integrated successfully; unanticipated changes in the markets for our business segments; unanticipated downturns in business relationships with customers or their purchases from Eaton; competitive pressures on our sales and pricing; increases in the cost of material, energy and other production costs, or unexpected costs that cannot be recouped in product pricing; the introduction of competing technologies; unexpected technical or marketing difficulties; new laws and governmental regulations. We do not assume any obligation to update these forward-looking statements.