Diversified industrial manufacturer Eaton (NYSE:ETN) will buy privately-owned Internormen Technology for an undisclosed price in a bid to widen its filtration product portfolio.
No terms of the deal were disclosed, though the companies said its consummation is subject to customary closing conditions.
Continue Reading Below
With sales in 2010 of more than $55 million, Altlussheim, Germany-based Internormen is a leader in hydraulic filtration and instrumentation. The company employs about 360 workers and has sales and distribution subsidiaries in India, China, Brazil and the U.S.
“This acquisition will significantly expand Eaton’s filtration product portfolio with technically advanced products and systems for mobile, industrial hydraulic and process applications.” said William R. VanArsdale, president of Eaton’s hydraulics group. “Its global footprint strengthens our regional presence in the Americas, Europe and Asia Pacific.”
Internormen has been a family operated since its founding in 1972. At the transaction's close, the sons of the founder of the company, Stefan and Bernhard Franger, will assume top management positions at Eaton.