Diversified industrial manufacturer Eaton Corporation today announced it has signed an agreement to purchase the electrical division of UK based Delta plc for £130 million.
The transaction is expected to close in early 2003, following regulatory review and the approval of Delta’s shareholders.
According to Eaton, the electrical division of Delta, which has 3,400 employees, generated sales of £229 million in 2001. For 2001, the division generated earnings before interest, taxes, depreciation and amortisation of £20.7 million.
Delta’s major electrical brands include MEM, Holec, Bill, Home Automation, Elek and Tabula. The Delta business will be integrated into Eaton’s Industrial and Commercial Controls segment.