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Benzinga

Business

Akanksha Bakshi

Eaton Acquires 50% Stake In Jiangsu Huineng Electric's Circuit Breaker Business

Eaton (Organization) ETN NYSE China

Eaton Corporation PLC (NYSE:ETN) has acquired a 50% stake in the circuit breaker business of Jiangsu Huineng Electric Co., Ltd. (Huineng), which manufactures and markets low-voltage circuit breakers in China.
"The combination of application-tailored products with our global distribution channels positions us to capitalize on opportunities in high-growth market segments such as renewable energy, grid modernization, commercial buildings and industrial,” commented Howard Liu, president, Asia-Pacific Region, Electrical Sector, Eaton.
Jiangsu Huineng Electric is a Chinese high-tech electrical equipment manufacturer. Its products are widely used across key markets, including wind, solar, and power plants.
Eaton held cash of $505 million as of March 31, 2022.
Price Action: ETN shares are trading lower by 2.84% at $123.75 on the last check Tuesday.

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