Eaton to Acquire Turkish hose manufacturer
Feb 28, 2012 3:15 PM
Diversified industrial manufacturer Eaton Corporation announced it has agreed to acquire Polimer Kauçuk Sanayi ve Pazarlama AŞ, a Turkish manufacturer of hydraulic and industrial hose.
The Turkish companys headquarters are located near Istanbul and many of its products are sold globally under the SEL Hose brand name. The companys primary markets include construction, mining, agriculture, oil and gas, manufacturing, food and beverage, and chemicals. The deal is subject to customary closing conditions. Terms were not disclosed.
The planned acquisition of Polimer Kauçuk will significantly broaden Eatons portfolio of hose products, says Alexander M. Cutler, Eaton chairman and chief executive officer. This acquisition also will further expand Eatons global hose manufacturing footprint and allow us to better serve emerging markets with a range of hose solutions. We anticipate the transaction will close early in the second quarter.
Polimer Kauçuk Sanayi ve Pazarlama AŞ is headquartered in Turkey. Founded in 1957, the business employs more than 2,100 people and had 2011 sales of approximately $335 million.
As a result of the planned acquisition, Eaton is increasing its guidance for 2012 earnings per share by $.03 to between $4.13 and $4.53. Before acquisition integration charges, operating earnings per share are expected to increase by $.05 to between $4.20 and $4.60. Eaton announced its initial 2012 earnings per share forecast in its fourth quarter earnings results on January 26, 2012.
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