Eaton Acquires Remaining Shares of Micro Innovation Holding AG
September 01 2009 - 9:02AM
Business Wire
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)
today announced Eaton has acquired an additional 50 percent of the
outstanding shares of Micro Innovation Holding AG from Eaton’s
joint venture partner. This increases Eaton’s ownership of the
company from 50 percent to 100 percent. Terms were not
disclosed.
Headquartered in St. Gallen, Switzerland, Micro Innovation
manufactures human machine interfaces, programmable logic
controllers and input/output devices. The company employs
approximately 80 people and had sales in fiscal year 2008 of
approximately $33 million. Eaton gained its initial stake in Micro
Innovation as part of Eaton’s 2008 acquisition of The Moeller
Group.
Eaton Corporation is a diversified power management company with
2008 sales of $15.4 billion. Eaton is a global technology leader in
electrical components and systems for power quality, distribution
and control; hydraulics components, systems and services for
industrial and mobile equipment; aerospace fuel, hydraulics and
pneumatic systems for commercial and military use; and truck and
automotive drivetrain and powertrain systems for performance, fuel
economy and safety. Eaton has approximately 70,000 employees and
sells products to customers in more than 150 countries.
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