Eaton to Purchase Hydraulics Manufacturer in China
Eaton Corporation, Cleveland, OH, has signed an agreement to purchase the businesses of Winner Group Holdings Ltd., a China-based company that produces hydraulic hose fittings and adapters for the greater Chinese market. Winner had 2003 sales of $28 million. It primarily serves the Chinese market with products used in stationary and mobile construction equipment applications.
Winner, based in Hong Kong with operations in mainland China in Shanghai, Ningbo, Guangzhou and Luzhou, employs about 750 people. The purchase will be completed through a combination of share and asset purchases. Terms were not disclosed. The purchase is expected to be completed in the first quarter of 2005.
"Winner's broad portfolio of hydraulic hose fittings and adapters is specifically ...