Eaton Signs Agreement to Acquire Cobham Mission Systems, Expanding Eaton Aerospace’s Fuel and Environmental Systems Offerings
01 Febbraio 2021 - 12:58PM
Business Wire
Power management company Eaton (NYSE:ETN) today announced it has
signed an agreement to acquire Cobham Mission Systems (“CMS”), a
leading manufacturer of air-to-air refueling systems, environmental
systems, and actuation primarily for defense markets. Under the
terms of the agreement, Eaton will pay $2.83 billion for CMS,
inclusive of $130 million in tax benefits. Excluding the amount
paid for tax benefits, the purchase price represents approximately
14 times CMS’s 2020 EBITDA and 13 times its estimated 2021
EBITDA.
“Cobham Mission Systems’ highly complementary products and
strong position on growing defense platforms will enhance our fuel
systems business and position our Aerospace business for future
growth,” said Heath Monesmith, president and chief operating
officer, Industrial Sector, Eaton. “We look forward to welcoming
CMS to Eaton.”
The acquisition, which is subject to customary closing
conditions, is expected to close in the second half of 2021.
Eaton’s mission is to improve the quality of life and the
environment through the use of power management technologies and
services. We provide sustainable solutions that help our customers
effectively manage electrical, hydraulic, and mechanical power –
more safely, more efficiently, and more reliably. Eaton’s 2019
revenues were $21.4 billion, and we sell products to customers in
more than 175 countries. We have approximately 92,000 employees.
For more information, visit Eaton.com.
This news release contains forward-looking statements about the
expected closing of the acquisition of Cobham Mission Systems and
estimated Cobham Mission Systems 2021 EBITDA. These statements
should be used with caution and are subject to various risks and
uncertainties, some of which are outside of the company’s control.
Factors that could cause these statements to become untrue include
possible delay or failure of the satisfaction of all closing
conditions. 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/20210201005394/en/
Margaret Hagan, (440) 523-4343 MargaretHagan@eaton.com
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