Eaton Plans to Challenge Order to Pay $293 Million Arbitration Award
29 Agosto 2018 - 11:38PM
Dow Jones News
By Bowdeya Tweh
Eaton Corp. (ETN) said Wednesday it plans to challenge a $293
million award from an arbitration panel in connection with its 2012
acquisition of Cooper Industries.
The power-management company said the panel's award on Aug. 23
is related to claims brought by Pepsi-Cola Metropolitan Bottling
Co. Eaton has said the dispute is related to Pepsi's claims of
being harmed by a 2011 settlement agreement resolving litigation
Pneumo Abex LLC had brought against various Cooper entities.
Eaton on Wednesday said the award is expected to result in a
$205 million after-tax expense on the company's books in the third
quarter, reducing earnings per share by 47 cents.
Shares were unchanged in after-hours trading at $83.57. Shares
had gained 5.8% this year.
Write to Bowdeya Tweh at bowdeya.tweh@wsj.com
(END) Dow Jones Newswires
August 29, 2018 17:23 ET (21:23 GMT)
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