Eaton Corp. announced that it has acquired 91% of the outstanding shares of Phoenixtec Power Company Ltd. of Taiwan.
The shares were tendered as part of Eaton’s recent tender offer for Phoenixtec. Eaton launched a tender offer to acquire Phoenixtec, on December 21, 2007, in Taipei, Taiwan. The offer price was NT $50 per share (US $1.54 per share). Eaton intends to take further steps to acquire all remaining shares. Assuming all outstanding shares are ultimately acquired, Eaton expects to pay a total purchase price, net of cash and debt of $568 million for Phoenixtec.
Phoenixtec manufactures single- and three-phase uninterruptible power supply (UPS) systems that are sold globally. Eaton states that Phoenixtec has leading positions in UPS markets, particularly in China, Southeast Asia and Eastern Europe. Based in Taipei, the company has manufacturing facilities in China and Taiwan, and employs approximately 5,800 people.