Eaton Not in Discussions to Sell its Automotive Business

Date: June 12, 2013

  • “We are not, and have not been, in the process of discussions to sell our automotive business,” said Alexander M. Cutler, Eaton chairman and chief executive officer.
  • Cutler made the comment today during his remarks at the Deutsche Bank Global Industrials and Basic Materials Conference in Chicago.
  • Eaton said earlier this week that there was no basis for published reports involving speculation on the sale of Eaton’s automotive business.
  • “I’ve answered this question repeatedly since we did the acquisition of Cooper, “Cutler said at the conference. “Our vehicle business is a very important part of Eaton. It is a very strong franchise.”
  • Cutler added: “It is an important part of our company, and a very strong profit-producing portion of our company.”
Eaton is a diversified power management company providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. A global technology leader, Eaton acquired Cooper Industries plc in November 2012. The 2012 revenue of the combined companies was $21.8 billion on a pro forma basis. Eaton has approximately 103,000 employees and sells products to customers in more than 175 countries.

Gary Klasen