Eaton acquiring Kirloskars valve business soon
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Eaton acquiring Kirloskars valve business soon
 
The major engine component manufacturer company from US, the Eaton Corporation has announced that it has recently signed an agreement with the Kirloskar Oil Engines for acquiring the latters engine valve component division. The sources related to the development have informed that Eaton is investing an amount of Rs 90 crore for the acquisition and the company is expecting the deal to be completed by the third quarter of this year. The sources added that the company is also going to acquire Kirloskars two engine valve manufacturing facilities based in Nashik and Ahmednagar in Maharashtra, as part of the deal.

While talking about the acquisition, the Head-Operations of Eaton India, Mr. Shyam Kambeyanda said, "The acquisition is part of our global strategy to increase our foothold in the Asia-Pacific market. This will also help to strengthen our presence in the Indian market. Through this acquisition, we will be able to use our global resources to meet the needs of the domestic Indian market". He informed that the company did set up the engine valve manufacturing plant in Ahmednagar in the last year and the plant is having a capacity of manufacturing 14 million units of engine valves per year. The company is currently supplying its products to the giant automobile companies like Maruti, Eicher Motors, Tata Cummins, Mahindra and Mahindra, Tata Motors.

The industry sources have informed that the Eaton Corporation is actually a diversified industrial manufacturer and it reported a sales of $13 billion in the year of 2007. The company is a global leader in the electrical systems and components for power quality, distribution and control, hydraulics components, systems at the moment. It is also leading the markets for the services for industrial and mobile equipment; hydraulics, fuel and pneumatic systems for commercial and military aircraft; 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 also safety.

Posted On : 05 May 08
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Eaton acquiring Kirloskars valve business soon
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