Eaton Denied Sell of Auto Parts Business
www.chinatrucks.com : Alexander Culter, CEO of Eaton, said recently that the company has no plan of selling auto spare parts business. Before that, Bloomberg reported, quoting some anonymous source, that Eaton is considering selling the auto spare parts business, so as to concentrate more on the ever growing engine and light businesses. As we learned, the spare parts business could be sold for about 1 billion US dollars.
Culter denied the relevant report in a meeting, saying : “We have not and will never talk about selling auto spare parts business. This business is a importat part of the company, which have strong profitability.”
Some analysts predict that since Eaton acquired Cooper Industries Plc last year, which enhanced the company’s business in electric industry, so, the auto spare parts business is likely to be sold. Affected by the weak economy in Europe, sales revenue of auto spare parts of Eaton dropped by 11%, profits dropped 17.5%.
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