The completion of the transaction is subject to the required consultation processes with works councils, customary closing conditions, regulatory approvals, and other required steps
Image: Souriau-Sunbank is a provider of highly engineered electrical interconnect solutions for harsh environments. Photo courtesy of Akshay93/Pixabay.
US-based power management company Eaton has announced its plans to acquire the Souriau-Sunbank Connection Technologies, a business of TransDigm, for $920m (£738m).
Established over 100 years ago, the Souriau-Sunbank is headquartered in Versailles, France, with a workforce of approximately 3,200 people.
Souriau-Sunbank is a provider of highly engineered electrical interconnect solutions
Souriau-Sunbank is a provider of highly engineered electrical interconnect solutions for harsh environments, serving customers in the aerospace, defence, industrial, energy, and transport industries.
Eaton chairman and chief executive officer Craig Arnold said: “Souriau-Sunbank is a great fit with our current aerospace portfolio. Souriau-Sunbank’s extensive connectors capabilities will accelerate our participation in the growing market for electrical content on aircraft, and also give us a strong portfolio of connectors for the industrial, energy, and transport markets that we serve today.
“Adding Souriau-Sunbank is another example of our strategy to bring our broad electrical expertise into new markets, such as our recently created eMobility segment targeting electric vehicles. Patrice Cavelier-Bros, president, Souriau-Sunbank, said, “We are extremely pleased to become part of Eaton. This combination will better position our businesses and brands to serve our customers and generate growth.”
Souriau-Sunbank has manufacturing facilities in France, the Dominican Republic, India, Morocco, Mexico, and the US.
The transaction represents a trailing 12-month EBITDA multiple of approximately 12x and the acquisition expected to be completed subject to the required consultation processes with works councils, customary closing conditions, regulatory approvals, and other required steps.
The transaction is planned to be closed by the end of 2019.
In February 2019, Eaton agreed to acquire an 82.275% controlling interest in Ulusoy Elektrik Imalat Taahhut ve Ticaret, a manufacturer of switchgear based in Ankara, Turkey.
Eaton is a power management company that offers energy efficient solutions to manage electrical, hydraulic and mechanical power. Employing approximately 100,000 people, the company sells products to customers in more than 175 countries.