Wed Jun 9, 2004 -
CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced the completion of its purchase of Powerware Corporation, the power systems business of Invensys PLC (LSE:ISYS). The $560 million transaction was announced April 27, 2004.
Powerware, based in Raleigh, N.C., is a global market leader in Uninterruptible Power Systems (UPS), DC Power products and power quality services. Its products, solutions and services have a wide range of commercial, industrial, governmental and institutional applications.
"The Powerware acquisition adds new products and solutions, as well as expanded channels, to Eaton's global Electrical business," said Alexander M. Cutler, Eaton chairman and chief executive officer.
Eaton Corporation is a diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton is a global leader in fluid power systems and services for industrial, mobile and aircraft equipment; electrical systems and components for power quality, distribution and control; automotive engine air management systems and powertrain controls for fuel economy; and intelligent drivetrain systems for fuel economy and safety in trucks. Eaton has more than 54,000 employees and sells products to customers in more than 100 countries.
William Hartman, vice president, Investor Relations
Gary Klasen, manager, Media Relations
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