The proposed acquisitions’ combined estimated sales for the year ending December 31, 2007, are approximately $2 billion.
The European acquisition is of The Moeller Group, a supplier of components for commercial and residential building applications, and industrial controls for industrial equipment applications. The agreed purchase price is $2.23 billion. The transaction, expected to close in the first quarter of 2008, is subject to regulatory approvals and other customary closing conditions.
Eaton has also announced a tender offer for all the shares of Phoenixtec Power Company. Phoenixtec manufactures single- and three-phase uninterruptible power supply systems that are sold globally. Eaton’s offer price is $1.54 per share. Assuming 100% of Phoenixtec outstanding shares are purchased, the net purchase price will be $565 million.
