2014-07-25 10:42 AM
DUBLIN--(BUSINESS WIRE)--Jul 24, 2014--Power management company Eaton (NYSE:ETN) and Shaanxi Fast Gear Co. Ltd. (SFGW) today announced they have signed a joint venture agreement to support the growing commercial vehicle clutch market in China. The formation of the joint venture is subject to regulatory approvals and customary closing conditions. Terms were not disclosed.
The planned joint venture will focus on developing, manufacturing, assembling, testing, selling and servicing clutches and associated clutch components for the commercial vehicle market in China.
"We are pleased to announce our joint venture with SFGW," said Ken Davis, Eaton president, Vehicle Group. "The comprehensive product development and manufacturing capabilities in our joint venture will enhance Eaton's full-service capability in China's growing commercial vehicle market."
SFGW, headquartered in Xi'an, China, will own a 51 percent interest in the new joint venture; Eaton will own a 49 percent interest.
Eaton is a power management company with 2013 sales of $22.0 billion. Eaton provides energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power more efficiently, safely and sustainably. Eaton has approximately 103,000 employees and sells products to customers in more than 175 countries. For more information, visit www.eaton.com.
SFGW is the largest specialized production enterprise and exportation based in China, mainly for commercial vehicle transmissions, auto gears, forgings and castings. It has over ten wholly-owned and share stock companies, a solely-owned factory in Thailand and distribution office in the United States. Each operation index of Fast Group has ranked first in the national gear industry for eleven successive years. Its annual output and sales of heavy-duty transmissions has ranked first in the world for eight successive years.
Scott R Schroeder, +1-440-523-5150
Zijia Li, +86 (21) 52000582
KEYWORD: UNITED KINGDOM UNITED STATES EUROPE ASIA PACIFIC NORTH AMERICA CHINA OHIO IRELAND
INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING ENGINEERING
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PUB: 07/24/2014 10:14 PM/DISC: 07/24/2014 10:14 PM