CLEVELAND (Feb. 24, 2012)—Eaton Corp. has reached an agreement to acquire Turkish hydraulic and industrial hose manufacturer Polimer Kaucuk Sanayi ve Pazarlama A.S. for an undisclosed amount.
Polimer Kaucuk's headquarters are near Istanbul, and many of its products are sold globally under the SEL Hose brand name. Its main markets include construction, mining, agriculture, oil and gas, manufacturing, food and beverage, and chemicals.
The deal is subject to the normal closing conditions, and is expected to be completed early in the second quarter.
Founded in 1957, the Turkish company posted 2011 sales of about $335 million and employs more than 2,100.
“The planned acquisition of Polimer Kaucuk will significantly broaden Eaton's portfolio of hose products,” said Alexander Cutler, Eaton chairman and CEO. “This acquisition will also further expand Eaton's global hose manufacturing footprint and allow us to better serve emerging markets with a range of hose solutions.”
As a result of the planned deal, Eaton said it is increasing its guidance for 2012 earnings per share by 3 cents, to between $4.13 and $4.53. Before acquisition integration charges, operating earnings per share are expected to climb by 5 cents to between $4.20 and $4.60.