Information  X 
Enter a valid email address

Eaton Corp. (39BU)

  Print      Mail a friend

Friday 07 June, 2002

Eaton Corp.

Eaton Corporation: Compulsory Acqn of Shares

Eaton Corporation: Compulsory Acqn of Shares 

    LONDON-(BUSINESS WIRE)-June 7, 2002-

              Eaton Purchases Remaining Share of Chinese
                        Joint Venture Company

Diversified industrial manufacturer Eaton Corporation
(NYSE:ETN) today said it has purchased the remaining interest in its
Jining Eaton Hydraulics Company, Ltd. (JEHYCO) hydraulic systems joint
venture company in Jining, China, for an undisclosed amount.

The joint venture, formed in 1994 with Jining Hydraulics
Components Works (JHCW), manufactures hydraulic pumps and motors for
mobile and industrial markets. Eaton had previously owned 60 percent
of the venture.

Eaton Chairman Alexander M. Cutler, said, 'As Eaton's fourth
operating wholly-owned entity in China, this acquisition gives us the
flexibility to further capitalize on the growth and success JEHYCO has
enjoyed as a joint venture. Our business partnership with JHCW
afforded us valuable insight into the local hydraulics marketplace
that we can capitalize on in managing the business as we go forward.
This acquisition gives us an established business, proven
manufacturing capability and a quality line of products upon which to
expand our presence in both domestic and export markets.'

Cutler said the JEHYCO purchase is another positive step forward
in furthering Eaton's strategy to become a hydraulic systems leader in
the Asia/Pacific region. In October, 2000, Eaton announced it was
acquiring the remaining portion of a hydraulic equipment joint venture
in Japan, which is now Eaton Fluid Power Limited, and the company also
has fluid power manufacturing and assembly operations in India,
Singapore, Australia and New Zealand, as well as sales and warehousing
operations throughout the region.

JEHYCO has approximately 200 employees, all in the city of Jining,
and manufactures steering pumps and fluid power motors for major
agricultural, construction and manufacturing companies in China.

With sales of $2.5 billion in 2001, Eaton Corporation's Fluid
Power business is a global leader in the design and development of
hydraulic systems for aerospace, industrial, mobile and automotive

Eaton Corporation is a global $7.3 billion diversified industrial
manufacturer that is a leader in fluid power systems; electrical power
quality, distribution and control; automotive engine air management
and fuel economy; and intelligent truck systems for fuel economy and
safety. Eaton has 48,000 employees and sells products in more than 50
countries. For more information, visit

   Short Name: Eaton Corp.
   Category Code: CAS
   Sequence Number: 00000256
   Time of Receipt (offset from UTC): 20020607T123510+0100


a d v e r t i s e m e n t