Eaton Corporation Plc [NYSE: ETN] has inked an agreement with HuanYu High Tech to purchase the 50% holdings of the firm. HuanYu High Tech is the subsidiary of HuanYu Group. The main aim of Eaton Corporation is to enhance the quality of life and the environment by leveraging power management technologies and services.
Eaton declared this cooperation is beneficial for both firms. Both the firms will be able to enhance their businesses. ETN will be able to increase the low-voltage electrical components business in Asia by integrating its global scale and ability to access the wider Southeast Asian market with the strong product range and production competencies of HuanYu High Tech.
HuanYu has gained recognition in China as the prominent Chinese electrical equipment producer. It was established in 1989 and has its head office in Wenzhou, China. The products of Eaton are famous in various industries. Eaton disclosed that its revenues in 2020 were $17.9 billion. Additionally, it sells products to clients in more than 175 countries. It has nearly 92,000 employees.