Eaton's Hydraulics business, which had sales of $1.8 billion in 2020, is a global leader in hydraulics components, systems, and services for industrial and mobile equipment.
"The completion of this sale marks another milestone in Eaton's continued transformation into a higher growth company with more earnings consistency," said Craig Arnold, Eaton chairman and chief executive officer. "This transaction creates considerable value for our shareholders and enables our hydraulics employees to be part of a company with a strong commitment to the hydraulics industry."
Eaton now has four global businesses - Aerospace, Electrical, eMobility and Vehicle - with Electrical and Aerospace accounting for the majority of the company's profit.
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 85,000 employees. For more information, visit Eaton.com.
This news release contains forward-looking statements concerning Eaton's transformation into an intelligent power management company. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside the company's control, including unexpected difficulties in executing on our transformation strategy. We do not assume any obligation to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210802005444/en/