Eaton Sells Aerospace Power Distribution Management, Integrated Cockpit Business

(RTTNews) - Power management company Eaton (ETN) has agreed to sell its Aerospace Power Distribution Management Solutions and Integrated Cockpit Solutions business to Safran (0IU8.L, SAFRF.PK) for $270 million. The deal may close in the first half of 2014.

Eaton's Aerospace Group President, Uday Yadav, stated: "The sale of this business is consistent with Eaton's long-term strategy to grow the Aerospace business by focusing on its core competencies of hydraulics, fuel, conveyance, motion control and engine solutions, areas where we are an industry leader."

The Aerospace Power Distribution Management Solutions and Integrated Cockpit Solutions business employs nearly 350 people at manufacturing facilities in Costa Mesa, California and Sarasota, Florida. The business produces illuminated switches, cockpit panel assemblies, pilot controls, and passenger safety unit latches, as well as circuit protection, power distribution and switch components and sub-systems for aerospace and industrial applications. In 2013, sales came in at nearly $102 million.