Eaton to Buy PerkinElmer's Aerospace Division for $333M

CLEVELAND, Oct. 7 -- Industrial manufacturer Eaton Corp. has reached an agreement with PerkinElmer Inc. to purchase its aerospace division for $333 million. The transaction is expected to close later this year. PerkinElmer manufactures products and systems within three business units: life and analytical sciences, optoelectronics and fluid sciences, which includes the aerospace division.

Based in Beltsville, Md., PerkinElmer's aerospace division provides sealing and pneumatic systems for large commercial aircraft and regional jets. Its products are used in aircraft engines, fuel systems, cabin air and de-icing systems and hydraulic systems, as well as industrial equipment. The division had sales of $150 million and EBITDA (earnings before interest, tax, depreciation and amortization) of $35 million for FY 2005, which ended June 30. It employs 950 people in five locations -- three in the US, one in France and one in Indonesia.

Eaton Corp. manufactures electrical systems and components for fluid power systems and services for industrial, mobile and aircraft equipment; truck drivetrain systems and automotive engine air management systems, powertrain solutions and specialty controls. It had sales in 2004 of $9.8 billion and has 57,000 employees.

For more information, visit: www.eaton.com