May 2 (Renewables Now) - Power management company Eaton (NYSE:ETN) has agreed to buy a 50% interest in the circuit breaker production business of Chinese electrical equipment maker Jiangsu Huineng Electric Co Ltd.
Eaton said in a statement that the particular business manufactures breakers for renewable energy applications, including for wind and solar plants, among others. Last year, it generated USD 35 million (EUR 32.5m) in revenues.
“Huineng’s application-tailored product offerings and manufacturing base in China, combined with Eaton’s expertise and global channels, will enable us to further expand to meet the needs of high-growth market segments such as renewable energy and grid modernization,” said Howard Liu, president, Asia-Pacific Region, Electrical Sector, Eaton.
The transaction is scheduled to close in the third quarter of the year, subject to receiving regulatory clearance.
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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.
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