Eaton Corp. Agrees to Divest Assets as Part of Hydraulics Business Sale
14 Luglio 2021 - 11:25PM
Dow Jones News
By Stephen Nakrosis
Eaton Corp PLC on Wednesday said both it and Danfoss A/S have
agreed to a proposed settlement with the U.S. Department of Justice
pertaining to the sale of Eaton's hydraulics business to
Danfoss.
The department said it will require both Danfoss and Eaton
divest assets from their respective orbital motor and hydraulic
steering unit manufacturing businesses to proceed with the proposed
deal.
"Without these divestitures, the transaction would substantially
lessen competition in the design, manufacture, and sale of orbital
motors and hydraulic steering units used in agricultural,
industrial and construction equipment in the United States," the
department said.
The proposed settlement calls for the companies to divest three
Danfoss facilities and two Eaton to Interpump Group S.p.A., or to
an alternate company approved by the U.S.
Eaton said the divestitures didn't have to take place prior to
the completion of the deal.
Eaton also said the "European Commission approved Interpump as a
suitable purchaser of the orbital motor and steering assets."
The sale is expected to close in the next several weeks, Eaton
said.
-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
July 14, 2021 17:25 ET (21:25 GMT)
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