Electronics Production |
Eaton to acquire a company<br>in Europe and Asia
Diversified industrial manufacturer Eaton will acquire a European and Asian manufacturer in an effort to expand its international electrical business.
The company said it plans to buy Germany's Moeller Group, which supplies components for commercial and residential building applications, and industrial controls, for $2.23 billion. The deal is expected to close in the first quarter of 2008.
Eaton said it will launch a tender offer for Asian power supply system manufacturer Phoenixtec Power Company Ltd. on Dec. 21. The purchase price is $1.54 per share, implying a net price of $565 million if all the outstanding shares are purchased. Eaton said Phoenixtec has already agreed to tender about 25 percent of its shares to Eaton in the deal.
