Eaton Acquires High Power Inverter TechnologySeptember 1, 2011
Acquisition of IE Power Inc. adds high-power inverters to Eaton's portfolio.
CLEVELAND, OH -- (BUSINESS WIRE) -- Diversified industrial manufacturer Eaton Corp. (NYSE:ETN) announced that it has acquired the assets of IE Power, Inc. IE Power, which was founded in 1985, is based in Mississauga, Ontario, Canada and employs 24 people. The company is a leading provider of high power inverters for a variety of mission critical applications including solar, wind and battery energy storage, with sizes from 100 kW to 5 MW. Terms of the transaction were not disclosed.
"This acquisition provides Eaton with strong design capabilities for high power inverters, an established product platform, and access to the rapidly growing utility solar inverter market," said Matt Lorenz, vice president and general manager, Electrical Components Organization, Industrial Control Division. "When combined with our global capabilities, IE Power's robust and cost competitive inverter technology and powerful R&D capacity positions Eaton with one of the broadest solar inverter product portfolios in the industry."
Eaton Corp. is a diversified power management company with 2010 sales of $13.7 billion. Celebrating its 100th anniversary in 2011, Eaton is a global technology leader in electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 73,000 employees and sells products to customers in more than 150 countries.
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