- Eaton Corporation PLC (NYSE:ETN) has agreed to acquire a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd. (Huineng). Deal terms were not disclosed.
- Huineng manufactures and markets low-voltage circuit breakers in China and reported FY21 revenues of $35 million.
- This transaction expands Eaton's reach to renewable energy, commercial building, utility, and industrial customers in the rapidly growing Chinese market.
- "Huineng's application-tailored product offerings and manufacturing base in China, combined with Eaton's expertise and global channels, will enable us to further expand to meet the needs of high-growth market segments such as renewable energy and grid modernization," commented Howard Liu, president, Asia-Pacific Region, Electrical Sector, Eaton.
- Eaton held cash in hand of $568 million as of December 31, 2021.
- The transaction is expected to close in the third quarter of 2022.
- Price Action: ETN shares are trading higher by 1.00% at $146.48 on the last check Monday.
