ETN Eaton Corp New

Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today it has signed a definitive agreement to sell its Mirror Controls Division to funds managed by Englefield Capital LLP, a �1.8 billion private equity firm, for $111 million. The transaction is subject to customary closing conditions and is expected to close within the next 30 days. Eaton�s Mirror Controls Division is part of the company�s Automotive Group. The division employs approximately 630 people and has four manufacturing operations. The business produces mirror actuators and power-fold actuators for exterior automotive mirror systems. Sales in 2006 were approximately $135 million. Eaton said it made the decision to sell the Mirror Controls Division because the division does not fit the company�s long-term strategic plan. �As our automotive business continues to evolve, our resources are focused principally on products that affect performance in areas driven by regulation, and on products that serve specialty niches within automotive and related vehicle industries,� said Stephen M. Buente, Eaton senior vice president and president � Automotive Group. �We believe this decision will offer significant opportunities for the mirror controls business to thrive under the leadership of Englefield.� Eaton Corporation is a diversified industrial manufacturer with 2006 sales of $12.4 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 61,000 employees and sells products to customers in more than 125 countries. For more information, visit www.eaton.com.