Eaton Commits to Acquire Souriau-Sunbank Connection Technologies for $920 Million
22 Luglio 2019 - 2:30PM
Business Wire
Enhances Eaton’s electrification strategy and long-term
growth prospects in global aerospace and industrial markets
Power management company Eaton Corporation plc (NYSE:ETN) today
announced it has committed to acquire the Souriau-Sunbank
Connection Technologies business of TransDigm Group Incorporated
for $920 million, which represents a trailing 12-month EBITDA
multiple of approximately 12x.
Headquartered in Versailles, France, Souriau-Sunbank is a global
leader in highly engineered electrical interconnect solutions for
harsh environments for customers in the aerospace, defense,
industrial, energy, and transport industries. Founded over 100
years ago, the company has a workforce of approximately 3,200
people and manufacturing facilities in France, the Dominican
Republic, India, Morocco, Mexico, and the United States. For the
trailing 12-month period ending June 30, 2019, sales of the
business were $363 million.
“Souriau-Sunbank is a great fit with our current aerospace
portfolio,” said Craig Arnold, Eaton chairman and chief executive
officer. “Souriau-Sunbank’s extensive connectors capabilities will
accelerate our participation in the growing market for electrical
content on aircraft, and also give us a strong portfolio of
connectors for the industrial, energy, and transport markets that
we serve today.
“Adding Souriau-Sunbank is another example of our strategy to
bring our broad electrical expertise into new markets, such as our
recently created eMobility segment targeting electric vehicles,”
Arnold added.
Patrice Cavelier-Bros, president, Souriau-Sunbank, said, “We are
extremely pleased to become part of Eaton. This combination will
better position our businesses and brands to serve our customers
and generate growth.”
Completion of the acquisition is subject to the required
consultation processes with works councils, customary closing
conditions, regulatory approvals, and TransDigm’s completion of
other required steps. The transaction is expected to close by the
end of 2019 and be accretive to adjusted earnings per share in
2020.
Eaton is a power management company with 2018 sales of $21.6
billion. We provide energy efficient solutions that help our
customers effectively manage electrical, hydraulic and mechanical
power more efficiently, safely and sustainably. Eaton is dedicated
to improving the quality of life and the environment through the
use of power management technologies and services. Eaton has
approximately 100,000 employees and sells products to customers in
more than 175 countries. For more information, visit Eaton.com.
* * * * *
This news release contains forward-looking statements concerning
the expected acquisition of Souriau-Sunbank, some of which are
outside the company’s control. The following factors could cause
actual results to differ materially from those in the
forward-looking statements: unexpected difficulties obtaining
regulatory approvals or satisfying closing conditions, and failure
to complete all required steps. We do not assume any obligation to
update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20190722005333/en/
Eaton Communications Kelly Jasko, +1 440-523-5304
kellymjasko@eaton.com
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