Expands Eaton’s reach to renewable energy, commercial building, utility and industrial customers in the rapidly growing Chinese market
DUBLIN--(BUSINESS WIRE)--May 2, 2022--
Power management company Eaton (NYSE:ETN) today announced it has signed an agreement to acquire a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd. (Huineng), which manufactures and markets low-voltage circuit breakers in China and had revenues of $35 million in 2021.
“Huineng’s application-tailored product offerings and manufacturing base in China, combined with Eaton’s expertise and global channels, will enable us to further expand to meet the needs of high-growth market segments such as renewable energy and grid modernization,” said Howard Liu, president, Asia-Pacific Region, Electrical Sector, Eaton. “We are excited for the opportunities this strategic relationship will bring.”
The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in the third quarter of 2022.
Jiangsu Huineng Electric Co., Ltd. is a Chinese high-tech electrical equipment manufacturer with an attractive portfolio that includes breakers for renewable energy applications. Founded in 2007 and headquartered in Zhenjiang, China, its products are widely used and recognized across key markets including wind and solar and power plants.
Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power — today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.
Founded in 1911, Eaton has been listed on the NYSE for nearly a century. We reported revenues of $19.6 billion in 2021 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.
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Jennifer Tolhurst, +1 (440) 523-4006