Power management company Eaton Corp. plc (ETN) said Tuesday it has agreed to acquire a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and the Asia-Pacific region. Financial terms of the deal were not disclosed.
HuanYu High Tech recorded sales of $106 million in 2019 and has production operations in Wenzhou, China.
The transaction, which expands Eaton's range of low-voltage electrical components sold in Asia Pacific, is expected to close in the second quarter of 2021.
"HuanYu High Tech's strong product portfolio and manufacturing capabilities, combined with Eaton's global scale and access to the broader Southeast Asian market, opens up many exciting opportunities for us to grow our business in Asia," said Howard Liu, president, Asia-Pacific Region, Electrical Sector and Corporate China, Eaton.
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