logo
  

Eaton To Buy 50% Stake In Jiangsu Huineng Electric's Circuit Breaker Business; Terms Not Disclosed

Power management company Eaton Corp plc (ETN) announced Monday that it has signed an agreement to acquire a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd. The financial terms of the deal were not disclosed.

The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in the third quarter of 2022.

Huineng manufactures and markets low-voltage circuit breakers in China. The company generated revenues of $35 million in 2021.

Howard Liu, president, Asia-Pacific Region, Electrical Sector, Eaton, said, "Huineng's application-tailored product offerings and manufacturing base in China, combined with Eaton's expertise and global channels, will enable us to further expand to meet the needs of high-growth market segments such as renewable energy and grid modernization."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Delta Air Lines is set to resume flights on its routes between the U.S. and Japan from October 30, 2002 in anticipation of easing of COVID-19-related travel restrictions, which were put in place two years ago. The airline joins American Airlines and United Airlines, who have reportedly announced the resumption of flights to Japan. Tech major Apple Inc. has asked corporate employees to return to offices at least three days a week by September 5, Bloomberg reported. The latest deadline was issued following several delays to its previous deadlines amid a resurgence in COVID-19 cases. As per the report, the company will require employees to work from offices on Tuesdays, Thursdays and a regular third day to be determined by... Retail giant Walmart reported Tuesday a net profit for the second quarter that grew 20.4 percent from last year, reflecting lower operating expenses and partially inflation driven revenue growth. The results were also driven by the rebound in international markets. Quarterly revenues topped analysts' expectations. The retailer also raised its adjusted earnings guidance for the full-year 2023.
RELATED NEWS
Follow RTT