CLEVELAND --
Cleveland, Ohio-based industrial manufacturer Eaton Corp. has signed an agreement with GKN plc, a London-based global automotive and aerospace supplier, to purchase GKN's Walterscheid Rohrverbindungstechnik GmbH business (Walterscheid) for $48 million.
Walterscheid is a German manufacturer of hydraulic tube connectors and fittings primarily for the European market. The acquisition is expected to close in the third quarter following regulatory approval.
Walterscheid had sales of $52 million in 2003. Its products are used in mobile and stationary markets such as construction, agricultural equipment and machine tools.
For more information, go to:
www.eaton.com.
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