Eaton Obtains All Regulatory Approvals to Close the Sale of Its Hydraulics Business to Danfoss

Rhea-AI Summary

Power management company Eaton (NYSE:ETN) has received approval from the U.S. District Court for the District of Columbia for the sale of its Hydraulics business to Danfoss A/S. With all regulatory approvals secured, Eaton anticipates closing the transaction on August 2, 2021. The sale is part of Eaton's strategy to enhance its power management technologies and services, expected to improve operational efficiency. In 2020, the company reported revenues of $17.9 billion and operates in over 175 countries with approximately 96,000 employees.

Positive

• Sale of Hydraulics business expected to boost operational efficiency.
• Complete regulatory approvals for the transaction enhance investor confidence.

Negative

• Possible delays in closing the transaction could pose risks to future performance.

Power management company Eaton (NYSE:ETN) is pleased to announce that the U.S. District Court for the District of Columbia has approved an order paving the way for the sale of the company’s Hydraulics business to Danfoss A/S. The company now has all the regulatory approvals it needs to close the transaction. Eaton currently expects the sale to close August 2, 2021.

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 96,000 employees. For more information, visit Eaton.com.

This news release contains forward-looking statements about the expected closing of the sale of our Hydraulics business. These statements should be used with caution and are subject to various risks and uncertainties, some of which are outside of the company’s control. Factors that could cause these statements to become untrue include possible delay or difficulty closing the transaction. We do not assume any obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210721005160/en/

FAQ

What is the latest news regarding Eaton's Hydraulics business sale?

Eaton has received U.S. District Court approval to sell its Hydraulics business to Danfoss A/S.

When is Eaton expected to close the sale of its Hydraulics business?

Eaton expects the sale to close on August 2, 2021.

What are the expected benefits of the Hydraulics business sale for Eaton?

The sale is expected to enhance Eaton's operational efficiency and focus on core power management services.

What revenue did Eaton report for 2020?

Eaton reported revenues of $17.9 billion in 2020.

How many employees does Eaton have?

Eaton has approximately 96,000 employees.