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CLEVELAND -- Eaton Corp. has reached a definitive agreement with Saturn Electronics & Engineering, Inc. to purchase its fuel components division. Terms of the deal were not disclosed. The transaction, expected to close in the second quarter, is subject to customary regulatory approvals and closing conditions.
The fuel components division of Saturn Electronics & Engineering makes fuel containment valves for vehicle safety in the event of vehicle rollover or accident impacts, as well as fuel shutoff valves to prevent splash back and vapor release during refueling. Saturn also produces valves to control Environmental Protection Agency-regulated fuel tank vapor emissions and a variety of other specialty actuators controlling motion and vibration. The division employs approximately 100 people at a facility in Oxford, MI, in 2006, and has annual sales of approximately $28 million.
“This strategic acquisition complements our existing product portfolio and supports our strategy of providing automakers with technologies that meet their fuel economy, emissions, safety and security needs,” said Stephen Buente, Eaton senior vice president and president – Automotive Group. “Saturn is a highly regarded, high-quality design, engineering and manufacturing company and we are eager to incorporate this business into our growing Fuel Emission and Safety Controls business.”
For more information about Eaton Corp., visit: http://www.eaton.com.