Eaton, power management company signed an agreement to acquire 50% stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contractors in China, and throughout the Asia-Pacific region. HuanYu High Tech had sales of $106 million in 2019 and has production operations in Wenzhou, China.
Howard Liu, President, Asia-Pacific Region, Electrical Sector and Corporate China, Eaton said: “We are very pleased to establish this partnership with HuanYu Group. 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.”
The transaction, which is subject to regulatory approvals and customary closing conditions, is expected to close in the second quarter of 2021.