{"id":513087,"date":"2021-07-14T15:40:05","date_gmt":"2021-07-14T19:40:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/new-milestones-reached-in-the-sale-of-eatons-hydraulics-business-to-danfoss\/"},"modified":"2021-07-14T15:40:05","modified_gmt":"2021-07-14T19:40:05","slug":"new-milestones-reached-in-the-sale-of-eatons-hydraulics-business-to-danfoss","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/new-milestones-reached-in-the-sale-of-eatons-hydraulics-business-to-danfoss\/","title":{"rendered":"New Milestones Reached in the Sale of Eaton\u2019s Hydraulics Business to Danfoss"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>New Milestones Reached in the Sale of Eaton\u2019s Hydraulics Business to Danfoss<\/b><\/p>\n<p><b>Sale expected to close in the next several weeks<\/b><\/p>\n<p>DUBLIN&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nPower management company Eaton (NYSE:ETN) is pleased to announce that it has reached two important milestones in the closing of the sale of its Hydraulics business to Danfoss A\/S.\n<\/p>\n<p>\nFirst, the U.S. Department of Justice (DOJ) has filed a proposed settlement in the U.S. District Court for the District of Columbia today that, if approved by the court, resolves the DOJ\u2019s concerns with Danfoss\u2019s acquisition of Eaton\u2019s Hydraulics business.\n<\/p>\n<p>\nThe settlement requires the sale of certain orbital motor and steering unit assets to Interpump Group S.p.A., or to another entity approved by the DOJ. This sale does not have to be completed, however, prior to the closing of the company&#8217;s transaction with Danfoss.\n<\/p>\n<p>\nEaton and Danfoss have already agreed to the proposed settlement.\n<\/p>\n<p>\nSecond, the European Commission approved Interpump as a suitable purchaser of the orbital motor and steering assets. These assets were required to be divested by the European Commission under the conditional approval granted in March 2021.\n<\/p>\n<p>\n\u201cWe are excited to reach these important milestones and look forward to closing the transaction, which we currently expect to occur in the next several weeks,\u201d said Craig Arnold, Eaton chairman and chief executive officer. \u201cWe appreciate the careful consideration of the Department of Justice and the European Commission, as well as the other regulators who reviewed the transaction.\u201d\n<\/p>\n<p>\nEaton\u2019s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power \u2013 more safely, more efficiently, and more reliably. Eaton\u2019s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 94,000 employees. For more information, visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.eaton.com%2F&amp;esheet=52460264&amp;newsitemid=20210714005862&amp;lan=en-US&amp;anchor=Eaton.com&amp;index=1&amp;md5=6a5b7559a3ce1f5c204ab754ba8a0d85\">Eaton.com<\/a>.\n<\/p>\n<p>\nThis news release contains forward-looking statements about the expected closing of the sale of our Hydraulics business. These statements should be used with caution and are subject to various risks and uncertainties, some of which are outside of the company\u2019s control. Factors that could cause these statements to become untrue include possible delay or difficulty closing the transaction. We do not assume any obligation to update these forward-looking statements.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210714005862r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210714005862\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210714005862\/en\/<\/a><\/span><\/p>\n<p>\nKelly Jasko, Media Relations, +1 (440) 523-5304<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:kellymjasko@eaton.com\">kellymjasko@eaton.com <\/a><\/p>\n<p>\nYan Jin, Investor Relations, +1 (440) 523-7558\n<\/p>\n<p><b>KEYWORDS:<\/b> Europe Ireland United States North America Ohio<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Engineering Other Manufacturing Manufacturing<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210714005862\/en\/784235\/3\/Eaton_PBW_Lit_CMYK.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>New Milestones Reached in the Sale of Eaton\u2019s Hydraulics Business to Danfoss Sale expected to close in the next several weeks DUBLIN&#8211;(BUSINESS WIRE)&#8211; Power management company Eaton (NYSE:ETN) is pleased to announce that it has reached two important milestones in the closing of the sale of its Hydraulics business to Danfoss A\/S. First, the U.S. Department of Justice (DOJ) has filed a proposed settlement in the U.S. District Court for the District of Columbia today that, if approved by the court, resolves the DOJ\u2019s concerns with Danfoss\u2019s acquisition of Eaton\u2019s Hydraulics business. The settlement requires the sale of certain orbital motor and steering unit assets to Interpump Group S.p.A., or to another entity approved by the DOJ. This sale does &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/new-milestones-reached-in-the-sale-of-eatons-hydraulics-business-to-danfoss\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;New Milestones Reached in the Sale of Eaton\u2019s Hydraulics Business to Danfoss&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-513087","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Milestones Reached in the Sale of Eaton\u2019s Hydraulics Business to Danfoss - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/new-milestones-reached-in-the-sale-of-eatons-hydraulics-business-to-danfoss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Milestones Reached in the Sale of Eaton\u2019s Hydraulics Business to Danfoss - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"New Milestones Reached in the Sale of Eaton\u2019s Hydraulics Business to Danfoss Sale expected to close in the next several weeks DUBLIN&#8211;(BUSINESS WIRE)&#8211; Power management company Eaton (NYSE:ETN) is pleased to announce that it has reached two important milestones in the closing of the sale of its Hydraulics business to Danfoss A\/S. First, the U.S. Department of Justice (DOJ) has filed a proposed settlement in the U.S. District Court for the District of Columbia today that, if approved by the court, resolves the DOJ\u2019s concerns with Danfoss\u2019s acquisition of Eaton\u2019s Hydraulics business. The settlement requires the sale of certain orbital motor and steering unit assets to Interpump Group S.p.A., or to another entity approved by the DOJ. 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