Eaton Reaches Agreement to Sell Its Lighting Business
October 15 2019 - 4:25PM
Business Wire
Power management company Eaton (NYSE:ETN) today announced that
it has entered into an agreement to sell its Lighting business to
Signify N.V. (Euronext:LIGHT) for a cash purchase price of $1.4
billion. The decision to sell the Lighting business comes after
completing a comprehensive review of various potential transaction
alternatives to maximize shareholder value.
Eaton's Lighting business is one of the world’s leading
providers of LED lighting and control solutions. Its broad range of
innovative products and systems are designed to maximize
performance and energy efficiency. The business, which had sales of
$1.7 billion in 2018, serves customers in commercial, industrial,
residential and municipal markets.
“Today’s announcement is another example of how we are actively
managing our portfolio to create value for our shareholders,” said
Craig Arnold, Eaton chairman and chief executive officer.
The transaction is subject to customary closing conditions and
regulatory approvals and is expected to close in the first quarter
of 2020. Goldman, Sachs & Co. LLC., is acting as financial
advisor to Eaton.
Eaton is a power management company with 2018 sales of $21.6
billion. We provide energy efficient solutions that help our
customers effectively manage electrical, hydraulic and mechanical
power more efficiently, safely and sustainably. Eaton is dedicated
to improving the quality of life and the environment through the
use of power management technologies and services. Eaton has
approximately 100,000 employees and sells products to customers in
more than 175 countries. For more information, visit Eaton.com.
This news release contains forward-looking statements about the
expected closing of the sale of our Lighting 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 failure of the satisfaction of all
closing conditions, including receipt of all required approvals. We
do not assume any obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20191015006119/en/
Katy Brasser, (440) 523-7076 KatyBrasser@eaton.com
Eaton (NYSE:ETN)
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