Eaton to Acquire Souriau-Sunbank Business of TransDigm
July 22 2019 - 9:22AM
Dow Jones News
By Michael Dabaie
Eaton Corp. PLC (ETN) said it would acquire the Souriau-Sunbank
Connection Technologies business of TransDigm Group Inc. (TDG) for
$920 million.
Headquartered in Versailles, France, Souriau-Sunbank makes
electrical interconnect solutions for harsh environments for
customers in the aerospace, defense, industrial, energy, and
transport industries. The company has a workforce of about 3,200
people and manufacturing facilities in France, the Dominican
Republic, India, Morocco, Mexico, and the U.S. For the trailing
12-month period ending June 30, Souriau-Sunbank sales were $363
million, Eaton said.
Completion of the deal is subject to the required consultation
processes with French works councils, customary closing conditions,
regulatory approvals, and TransDigm's completion of other required
steps. The transaction is expected to close by the end of 2019 and
boost adjusted per-share earnings in 2020.
Eaton said Souriau-Sunbank enhances its electrification strategy
and long-term growth prospects in the aerospace and industrial
markets.
TransDigm said it acquired Souriau-Sunbank in March 2019 as part
of the Esterline Technologies acquisition.
"As previously communicated, we have been considering divesting
some Esterline portfolio businesses that do not align well with
TransDigm's strategy," TransDigm Executive Chairman W. Nicholas
Howley said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 22, 2019 09:07 ET (13:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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