Diversified industrial manufacturer Eaton Corp., Cleveland, OH, has acquired 91% of Phoenixtec Power Company Ltd., a company listed on the Taiwan Stock Exchange.
Assuming all outstanding shares are ultimately acquired, Eaton expects to pay a total purchase price, net of cash and debt on Dec. 31, 2007, of $568 million for Phoenixtec.
Phoenixtec manufactures single- and three-phase uninterruptible power supply (UPS) systems that are sold globally. Phoenixtec has positions in China, Southeast Asia and Eastern Europe. Based in Taipei, the company has manufacturing facilities in China and Taiwan, and employs 5,800 people.
Eaton Corporation is a diversified industrial manufacturer with 2007 sales of $13 billion.