Danfoss to acquire Eaton Hydraulics
Danfoss has announced that it has entered into an agreement to acquire Eaton’s hydraulics business for a cash purchase price of US$3.3 billion.
“Today, we take a significant and transformational step in creating a global leader in mobile and industrial hydraulics,” said Kim Fausing, Danfoss President and CEO. “It is a once-in-a-lifetime opportunity to combine our largely complementary portfolios and geographic footprints.
“Eaton Hydraulics is a highly respected player in the global industry, recognised for its dedicated people and strong brands. By combining the knowledge and experience of the two businesses, our customers will benefit from unmatched expertise from a single partner.”
“We believe Eaton’s hydraulics business will benefit greatly from being part of a company that has hydraulics at its core,” said Craig Arnold, Eaton Chairman and CEO. “When complete, this deal will bring together two talented teams with deep hydraulics knowledge and expertise. And Eaton’s hydraulics team will be part of a company that is committed to becoming a global leader in mobile and industrial hydraulics.”
The Danfoss and Eaton Hydraulics businesses have many organisational similarities, including company culture and a focus on customers, R&D and quality. Both businesses are global with complementary geographic footprints and the combined business creates a broader presence across the world. Furthermore, the acquisition will enable Danfoss to enter the industrial hydraulics market that is served by Eaton Hydraulics.
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