Eaton Expands Aerospace Business
Diversified industrial manufacturer Eaton Corporation, Cleveland, OH, has agreed to buy AT Holdings Corporation, the parent of Argo-Tech Corporation, for $695 million.
Argo-Tech's aerospace business, which had sales for the fiscal year ended Oct. 28, 2006, of $206 million and EBITDA of $63 million, is a producer of aerospace engine fuel pumps and systems, airframe fuel pumps and systems, and ground fueling systems for commercial and military aerospace markets.
In 2005, Eaton made its first move into fuel systems with the acquisition of Cobham Aerospace's Fluid and Air Division. The acquisition of Argo-Tech moves Eaton into high-pressure engine fuel systems. Argo-Tech strengthens Eaton's major commercial and military aerospace platform ...