Technology Group, Adding Additional Capabilities to its Global Filtration Business
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Press release date: March 14, 2011
CLEVELAND ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it has agreed to acquire Internormen Technology Group, a leader in hydraulic filtration and instrumentation. The deal is subject to customary closing conditions and terms were not disclosed.
"Internormen Technology has been a proven leader in advanced filtration technologies for almost 40 years," said William R. VanArsdale, president of Eaton's Hydraulics Group, which includes the hydraulic, filtration and golf grip businesses. "This acquisition will significantly expand Eaton's filtration product portfolio with technically advanced products and systems for mobile, industrial hydraulic and process applications. Internormen has a leadership position in fast growing markets such as wind power and a well-established presence in emerging economies such as Brazil, India and China. Its global footprint strengthens our regional presence in the Americas, Europe and Asia Pacific."
The company, which is based in Altlussheim, Germany, has sales and distribution subsidiaries in India, China, Brazil and the United States. Internormen employs approximately 360 people and had 2010 sales of more than $55 million.
Internormen Technology has been owned by the Franger family since its foundation in 1972. After completion of the sale of the company, the sons of the founder of the company, Stefan and Bernhard Franger, who held leadership positions at Internormen, will assume similar management responsibilities at Eaton. "The sale of our family business is a positive step towards further global growth," said Helmut Franger, founder of Internormen Technology. "Eaton is the perfect partner for us to jointly open new markets and develop new products and solutions."
Eaton Corporation is a diversified power management company with 2010 sales of $13.7 billion. Celebrating its 100th anniversary in 2011, Eaton is a global technology leader in electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 70,000 employees and sells products to customers in more than 150 countries.