Eaton Corp. (Cleveland, OH) has signed an agreement with Invensys plc to purchase its power systems business, Powerware Corp. (Raleigh, NC), for $560 million. The transaction is expected to close by the end of the second quarter, following regulatory review and the approval of Invensys shareholders.
Powerware is a global market leader in uninterruptible power systems, dc power products and power quality services. The company had estimated revenues for the year ended March 31, 2004, of approximately $775 million. Its products, solutions and services have a wide range of commercial, industrial, governmental and institutional applications.
Eaton Senior Vice President and Group Executive, Electrical Randy Carson stated, "Powerware will strengthen our ability to satisfy customers' increasing demand for assured up-time and productivity. Eaton will be able to provide customers with complete power reliability solutions spanning electrical distribution, backup power generation, control, and facility-wide monitoring and services."
