CLEVELAND, OH — Eaton Corporation has signed an agreement to purchase the electrical division of Delta PLC, whose electrical products, systems, and services are used for the control and distribution of medium- and low-voltage electricity to protect life, equipment, and buildings. The purchase price is approximately $205 million. The transaction is expected to close in early 2003, following regulatory review and the approval of Delta's shareholders.

Headquartered in the United Kingdom, the electrical division of Delta had 2001 sales of 229 million pounds sterling. For 2001, the division generated earnings before interest, taxes, depreciation and amortization of 20.7 million pounds sterling.

Delta's major electrical brands include MEM, Holec, Bill, Home Automation, Elek, and Tabula. The Delta business will be integrated into Eaton's Industrial and Commercial Controls segment.

Publication date: 12/23/2002