Power management company Eaton Corp. has agreed to acquire TransDigm Group Inc.’s Souriau-Sunbank Connection Technologies business for $920 million.
Based in Versailles, France, Souriau-Sunbank designs and manufactures highly engineered electrical interconnect solutions for harsh environments for customers in the aerospace, defense, industrial, energy, and transport industries. The company has a workforce of approximately 3,200 people and manufacturing facilities in France, the Dominican Republic, India, Morocco, Mexico, and the United States. For the trailing 12-month period ending June 30, 2019, sales of the business were $363 million.
“Souriau-Sunbank is a great fit with our current aerospace portfolio,” Eaton CEO Craig Arnold said. “Souriau-Sunbank’s extensive connectors capabilities will accelerate our participation in the growing market for electrical content on aircraft, and also give us a strong portfolio of connectors for the industrial, energy and transport markets that we serve today.”
The transaction is expected to close by the end of 2019 and be accretive to adjusted earnings per share in 2020.