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Disclaimer: Past performance may not be indicative of future results. Systematic investing, like other investment methods, rely on favorable market conditions to provide positive outcomes.
EATON CORPORATION PLC (ETN) News
Eaton Corporation plc: Eaton and Shaanxi Fast Gear announce a joint venture for light-duty manual transmissions in Asia-Pacific, Eastern Europe, and Africa
Power management company Eaton (NYSE:ETN) and Shaanxi Fast Gear (SFGW), today announced they have signed a joint venture agreement to manufacture manual transmissions for light-duty commercial vehicles. The formation of the joint venture is subject to regulatory approvals and customary closing conditions. The planned joint venture will be based in the High Tech Zone of Baoji City, Shaanxi Province, China, and will develop, manufacture, sell, and service manual transmissions for the large and fast growing light-duty truck market in China. In addition, the joint venture will sell its products throughout the rest of Asia-Pacific, Eastern Europe, and Africa.
'We are pleased to announce our new joint venture with SFGW,' said João Faria, president, Eaton Vehicle Group. 'Eaton's efficient transmission solutions, combined with SFGW's infrastructure and current light-duty transmission portfolio, will strengthen our collective goal to help light-duty commercial vehicle OEMs meet increasing regulations for improved fuel economy and performance.'
SFGW, headquartered in Xi'an, China, will own a 51 percent interest in the new joint venture. Eaton will own a 49 percent interest.
Eaton and SFGW are currently partners in a joint venture, Fast Eaton Clutch, that develops, manufactures, and services clutches and associated clutch components in China. Fast Eaton Clutch is based in Xi'an, China, and has seen a significant increase in sales since starting operations in 2014.Get Started today! - Risk Free