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June 22, 2007 -- Diversified industrial manufacturer Eaton Corporation announced today it has signed a definitive agreement to sell its Mirror Controls Division to funds managed by Englefield Capital LLP, a €1.8 billion private equity firm, for $111 million. The transaction is subject to customary closing conditions and is expected to close within the next 30 days. Eaton’s Mirror Controls Division is part of the company’s Automotive Group. The division 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 $135 million. Eaton said it made the decision to sell the Mirror Controls Division because the division does not fit the company’s long-term strategic plan.
Source: Eaton
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