Power management company Eaton (ETN) - Get Eaton Corp. Plc Report 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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