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Danfoss To Acquire Eaton Hydraulics for $3.3 Billion

Jan. 22, 2020
Once complete, the "going great" deal will add 11,000 employees to the Danfoss Power Solutions payroll.

Nordborg, Denmark - January 21, 2019 The Danfoss Group announced today that it has reached an agreement with Irish manufacturing giant Eaton to acquire Eaton Hydraulics for $3.3 billion. Eaton Hydraulics serves agricultural, construction, and industrial markets and will be transferred into Danfoss Power Solutions. The transfer will add 11,000 employees to Danfoss, which currently employs 28,000 people. Eaton's operational headquarters is in Beachwood, Ohio.

In a statement, Kim Fausing, President and CEO of Danfoss Group, said “Eaton Hydraulics is a highly respected player in the global industry, recognized for its dedicated people and strong brands. By combining the knowledge and experience of the two businesses, our customers will benefit from unmatched expertise from a single partner. With this agreement, we continue to invest in our core hydraulics business and digital solutions to stay a strong technology partner.”

For his part, Eaton Chairman and CEO Craig Arnold said he believed Eaton’s hydraulics business “will benefit greatly from being part of a company that has hydraulics at its core.” 

Danfoss Power Solutions President Eric Alström added: “I believe our customers will benefit from combining these two businesses into a full-line hydraulics player dedicated to innovation and with a broad offering of products, robust distribution channels and tremendous geographic reach.” 

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close by the end of the year.