Eaton Acquires High Power Inverter Technology
August 31 2011 - 5:00PM
Business Wire
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)
today announced that it has acquired the assets of IE Power, Inc.
IE Power, which was founded in 1985, is based in Mississauga,
Ontario, Canada and employs 24 people. The company is a leading
provider of high power inverters for a variety of mission critical
applications including solar, wind and battery energy storage, with
sizes from 100kW to 5MW. Terms of the transaction were not
disclosed.
“This acquisition provides Eaton with strong design capabilities
for high power inverters, an established product platform, and
access to the rapidly growing utility solar inverter market,” said
Matt Lorenz, vice president and general manager, Electrical
Components Organization, Industrial Control Division. “When
combined with our global capabilities, IE Power’s robust and cost
competitive inverter technology and powerful R&D capacity
positions Eaton with one of the broadest solar inverter product
portfolios in the industry.”
Eaton Corporation is a diversified power management company with
2010 sales of $13.7 billion. Celebrating its 100th anniversary in
2011, 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 73,000 employees and sells products to
customers in more than 150 countries. For more information, visit
www.eaton.com.
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