USA: Eaton to Sell Vehicle Switch/Electronics Division
Eaton Corporation ETN today said it will pursue the sale of its $330 million worldwide Vehicle Switch/Electronics Division (VS/ED) because it has concluded that the business no longer fits the company's longer-term strategic objectives. The company has retained Morgan Stanley Dean Witter, an investment banking firm, to assist in the sale, and said it anticipates that a transaction will be completed by the end of year 2000. Eaton said it has no immediate plans for the use of proceeds from the sale.
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