Eaton Corporation on Friday said had agreed to sell its mirror controls division to funds managed by Englefield Capital, a EUR1.8bn private equity firm, for $US111m.
The deal is expected to close within 30 days.
Eaton’s mirror controls division is part of the company’s automotive group, employs approximately 630 people and has four manufacturing operations.
The business produces mirror actuators and power-fold actuators for exterior automotive mirror systems. Sales in 2006 were approximately $135m.
Eaton said it decided to sell because the division does not fit the company’s long-term strategic plan.
“As our automotive business continues to evolve, our resources are focused principally on products that affect performance in areas driven by regulation, and on products that serve specialty niches within automotive and related vehicle industries,” said Stephen Buente, president of the automotive group.
“We believe this decision will offer significant opportunities for the mirror controls business to thrive under the leadership of Englefield.”