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Eaton Announces Definitive Agreement To Purchase Duffield

24 July 2000

Eaton Announces Definitive Agreement To Purchase Duffield

    MAUMEE, Ohio - Eaton Aeroquip today said it has signed a letter of intent to purchase the privately held business of Australian based Frederick Duffield PTY Ltd., and its overseas operations, in a transaction for cash.

    Headquartered in Sydney, Duffield, a leading manufacturer of metal hydraulic fittings and adapters, also has operations in Singapore, South Africa and New Zealand. Terms of the transaction were not disclosed, however both companies expect to close the deal in September.

    Operating in Australia since 1984, Aeroquip has facilities in Melbourne and Sydney supporting a variety of fluid connector applications and customers primarily in the industrial and mining sectors. Combining Aeroquip and Duffield products brings together two strong product lines in the Australian fluid connector market. Aeroquip also has operations in Johannesburg, South Africa and Singapore, which, when combined with Duffield, will enhance the company's ability to better serve those markets.

    "This acquisition establishes a strong market position while providing considerable opportunity for Aeroquip's growth in Asia-Pacific," stated Jacob T. Hooks, Vice President and General Manager of Aeroquip's Industrial Division. "The combination of these two highly-regarded product lines will provide substantial benefits to our customers."

    Eaton Aeroquip is a leading manufacturer of industrial, automotive, aerospace and defense products including flexible hose, fittings and assemblies; custom-engineered molded and extruded plastic products; quick-disconnect and V-band couplings; custom compound hose/tube assemblies; swivel joints; and refrigeration/air conditioning components.

    Eaton Corporation is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial, aerospace and semiconductor markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, ion implanters and a wide variety of controls. Headquartered in Cleveland, Ohio, the company has 64,000 employees and 200 manufacturing sites in 24 countries. Eaton's sales for 1999 were $8.4 billion.