Benzinga | Mar 29, 2021 06:50AM EDT

Eaton Acquires 50% Stake in HuanYu High Tech; Financial Terms Not Disclosed

Eaton (NYSE:ETN) today announced it has completed the acquisition of a 50 percent stake in HuanYu High Tech, a subsidiary of HuanYu Group that manufactures and markets low-voltage circuit breakers and contactors in China, and throughout the Asia-Pacific region.

"Our partnership with HuanYu Group represents an exciting opportunity for both companies," said Howard Liu, president, Asia-Pacific Region, Electrical Sector and Corporate China, Eaton. "HuanYu High Tech's strong product portfolio and manufacturing capabilities, combined with Eaton's global scale and access to the broader Southeast Asian market, will enable us to grow our low-voltage electrical components business in Asia."

HuanYu Group is a leading Chinese electrical equipment manufacturer. Founded in 1989 and headquartered in Wenzhou, China, its products are widely used across a variety of industries including, commercial and residential buildings, power grid, new energy, communication technology, transportation, and industrial manufacturing.

Eaton's mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power -- more safely, more efficiently, and more reliably. Eaton's 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees. For more information, visit Eaton.com.