By Kimberly Chin
Eaton Corp. said Wednesday it has acquired Royal Power Solutions for $600 million, as the company seeks to gain a foothold in the electrification of various industries.
"The addition of Royal Power Solutions enhances our ability to capitalize on this secular growth trend across our eMobility, aerospace and electrical businesses," said Heath Monesmith, Eaton president and chief operating officer of the industrial sector, in prepared remarks.
Royal Power Solutions, which has facilities in Carol Stream, Ill., and Queretaro, Mexico, manufactures high-precision electrical connectivity components that are used in electric vehicles, energy management and the industrial and mobility markets.
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(END) Dow Jones Newswires