Home » Eaton Counterbids Parker Hannifin for Domnick Hunter
Eaton Counterbids Parker Hannifin for Domnick Hunter
August 30, 2005
Eaton Corporation, Cleveland, OH, has entered into a bidding war for British filtration manufacturer Domnick Hunter plc with rival Parker Hannifin, Cleveland, OH. Parker Hannifin made a cash offer in early August for £215.7 million ($387 million), then raised its offer on Aug. 24 to £232 million ($417 million). Two days later, Eaton made an offer of £242 million ($435 million). The winner gets a strong European foothold, where 40% of Domnick Hunter's products are sold.
Traded on the London Stock Exchange, Domnick Hunter had 2004 revenues of $280 million. It is an international group of companies specializing in the design and manufacture of filtration, separation and purification products for industrial and process industries, including strong sales into food and beverage manufacturers. The company operates in 25 countries and employs 1,900 people.
Eaton made a cash offer for the entire issued and to-be-issued share capital of domnick hunter group plc. Eaton Corporation is a diversified industrial manufacturer with 2004 sales of $9.8 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 56,000 employees and sells products to customers in more than 125 countries.