Eaton to Acquire a 50 Percent Stake in Jiangsu YiNeng Electric’s Busway Business
26 Aprile 2021 - 12:45PM
Business Wire
Adds busway to Eaton’s power distribution portfolio in Asia
Pacific
Power management company Eaton (NYSE:ETN) today announced it has
signed an agreement to acquire a 50 percent stake in Jiangsu YiNeng
Electric’s busway business, which manufactures and markets busway
products in China and had sales of $60 million in 2020.
“We are pleased to form this strategic relationship with
YiNeng,” said Howard Liu, president, Asia-Pacific Region,
Electrical Sector and Corporate China, Eaton. “YiNeng’s strong
presence in China combined with Eaton’s broad product portfolio and
access to Southeast Asia positions us well in the high-growth
busway product category and strengthens our offerings to customers
in the region.”
The transaction, which is subject to regulatory approvals and
customary closing conditions, is expected to close in the third
quarter of 2021. After the transaction closes, the company will do
business as Eaton Busway Jiangsu.
Jiangsu YiNeng Electric is a leading Chinese electrical
equipment manufacturer. Founded in 2002 and headquartered in
Jiangsu, China, the company serves the data center, infrastructure,
commercial building, telecommunications, and industrial
segments.
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 2020
revenues were $17.9 billion, and we sell products to customers in
more than 175 countries. We have approximately 92,000 employees.
For more information, visit Eaton.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210426005386/en/
Drew Horansky, 440-523-4306 DrewAHoransky@eaton.com
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