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By Michael Dabaie
Eaton Corp. PLC (ETN) said it would acquire the Souriau-Sunbank Connection Technologies business of TransDigm Group Inc. (TDG) for $920 million.
Headquartered in Versailles, France, Souriau-Sunbank makes electrical interconnect solutions for harsh environments for customers in the aerospace, defense, industrial, energy, and transport industries. The company has a workforce of about 3,200 people and manufacturing facilities in France, the Dominican Republic, India, Morocco, Mexico, and the U.S. For the trailing 12-month period ending June 30, Souriau-Sunbank sales were $363 million, Eaton said.
Completion of the deal is subject to the required consultation processes with French works councils, customary closing conditions, regulatory approvals, and TransDigm's completion of other required steps. The transaction is expected to close by the end of 2019 and boost adjusted per-share earnings in 2020.
Eaton said Souriau-Sunbank enhances its electrification strategy and long-term growth prospects in the aerospace and industrial markets.
TransDigm said it acquired Souriau-Sunbank in March 2019 as part of the Esterline Technologies acquisition.
"As previously communicated, we have been considering divesting some Esterline portfolio businesses that do not align well with TransDigm's strategy," TransDigm Executive Chairman W. Nicholas Howley said.
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(END) Dow Jones Newswires
July 22, 2019 09:07 ET (13:07 GMT)
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