Danfoss has finalized its $3.3 billion acquisition of Eaton’s hydraulics business. The move will grow the company’s size by one-third, it said.
The purchase was finalized following confirmation of all necessary regulatory approvals and closing conditions.
The company called the acquisition “a vital aspect” of its growth strategy. Eaton’s hydraulics business will be combined with the Danfoss Power Solutions business segment, adding approximately 10,000 employees worldwide and $1.8 billion in 2020 global sales. Combining the two organizations will double the size of Danfoss Power Solutions, increasing its innovation capacity twofold. The company’s distribution channels have also been significantly boosted, it said, while its local application support and geographical reach have increased considerably. commented on the acquisition:
“This is a great day for Danfoss as we welcome 10,000 new colleagues into the organization and create a global leader in mobile and industrial hydraulics,” said Danfoss president/CEO Kim Fausing in a prepared statement. “By combining the knowledge and experience of the two strong businesses and great teams, our customers will receive an unmatched level of service and expertise from a single partner. We will continue our significant investments to stay on the forefront of technology leadership and provide solutions that improve productivity and reduce emissions to meet the requirements of the future.”
Source: Danfoss
