ERJ staff report (CCB)
Cleveland, Ohio - Eaton Corp. has agreed to acquire Polimer KauÃ§uk Sanayi ve Pazarlama A.S., a Turkish manufacturer of hydraulic and industrial hose.
Eaton said the acquired company's headquarters are located near Istanbul and many of its products are sold globally under the SEL Hose brand name. The company's primary markets include construction, mining, agriculture, oil and gas, manufacturing, food and beverage, and chemicals. Terms were not disclosed.
â€œThe planned acquisition of Polimer KauÃ§uk will significantly broaden Eaton's portfolio of hose products,â€ Alexander M. â€œSandyâ€ Cutler, Eaton chairman and CEO, said in a statement. â€œThis acquisition will also further expand Eaton's global hose manufacturing footprint and allow us to better serve emerging markets with a range of hose solutions. We anticipate the transaction will close early in the second quarter.â€
Founded in 1957, the acquired business employs more than 2,100 and had 2011 sales of $335 million.
As a result of the planned acquisition, Eaton is increasing its guidance for 2012 earnings per share by three cents to a range of $4.13 to $4.53. Eaton announced its initial 2012 earnings per share forecast Jan. 26 in its fourth-quarter earnings results.
From Crain's Cleveland Business (A Crain publication)
Press release from Eaton