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Eaton Chairman Alexander M. Cutler, said, 'As Eaton's fourth operating wholly-owned entity in China,
this acquisition gives us the flexibility to further capitalize on the growth and success JEHYCO has enjoyed as a joint venture.
Our business partnership with JHCW afforded us valuable insight into the local hydraulics marketplace that we can capitalize
on in managing the business as we go ...
Eaton Chairman Alexander M. Cutler, said, 'As Eaton's fourth operating wholly-owned entity in China,
this acquisition gives us the flexibility to further capitalize on the growth and success JEHYCO has enjoyed as a joint venture.
Our business partnership with JHCW afforded us valuable insight into the local hydraulics marketplace that we can capitalize
on in managing the business as we go forward. This acquisition gives us an established business, proven manufacturing capability
and a quality line of products upon which to expand our presence in both domestic and export markets.'
Cutler said the
JEHYCO purchase is another positive step forward in furthering Eaton's strategy to become a hydraulic systems leader in the
Asia/Pacific region. In October, 2000, Eaton announced it was acquiring the remaining portion of a hydraulic equipment joint
venture in Japan, which is now Eaton Fluid Power Limited, and the company also has fluid power manufacturing and assembly
operations in India, Singapore, Australia and New Zealand, as well as sales and warehousing operations throughout the region.
JEHYCO
has approximately 200 employees, all in the city of Jining, and manufactures steering pumps and fluid power motors for major
agricultural, construction and manufacturing companies in China.
With sales of $2.5 billion in 2001, Eaton Corporation's
Fluid Power business is a global leader in the design and development of hydraulic systems for aerospace, industrial, mobile
and automotive markets.
Eaton Corporation is a global $7.3 billion diversified industrial manufacturer that is a leader
in fluid power systems; electrical power quality, distribution and control; automotive engine air management and fuel economy;
and intelligent truck systems for fuel economy and safety.
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