When Sandy Cutler, Eaton Corp.'s chairman and CEO, announced the completion of its 2007 purchase of German industrial controls giant Moeller Group, the press release offered some interesting insight into how that business will fit into Eaton's electrical business.
The Cleveland-based Eaton announced its intentions to buy Moeller in December 2007. Based in Bonn, Germany, Moeller had 2007 sales of approximately $1.6 billion. With 15 global production facilities, sales offices in more than 90 countries and approximately 8,700 employees, the company is a leading supplier of components for commercial and residential building applications and industrial controls for industrial equipment applications. Moeller sells products primarily to customers in Western and Eastern Europe and the Asia-Pacific region.
“This acquisition, coupled with our acquisition of Phoenixtec Power Co. Ltd., solidifies Eaton's position as a leading global supplier of electrical power distribution and control products and power-quality equipment and systems.” said Cutler. “Now that these acquisitions have closed, our electrical business will have annual revenues in excess of $7.5 billion. In addition, Eaton's non-United States revenues, based on final destination of our products, will be between 55 to 60 percent.
“Additionally, The Moeller Group's broad portfolio of power distribution and control products that meet International Electrotechnical Commission (IEC) standards, its European and Asian distribution networks, and its significant Eastern European production facilities significantly expand our capabilities in electrical markets outside the United States.”
Eaton had 2007 total sales of $13 billion. Along with its electrical business, the company manufactures fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. It has 79,000 employees and sells products to customers in more than 150 countries.