Eaton falls after DOJ sues to block sale of hydraulic unit - InvestingChannel

Eaton falls after DOJ sues to block sale of hydraulic unit

Shares of Eaton (ETN) moved lower after Bloomberg reported that the Department of Justice has sued to block the company’s sale of its hydraulic unit to Danfoss. Shares of Eaton are down 2% to $150.41 following the report. Danfoss on January 21, 2020, announced that it entered into an agreement to acquire Eaton’s hydraulics business for a cash purchase price of $3.3B. It said, at the time, that the transaction was expected to close by the end of 2020. Danfoss and Eaton are two of only three suppliers of hydraulic orbital motors and hydraulic steering units used in tractors, wheel loaders, lifts and other types of mobile off-road equipment in the U.S., according to the DOJ’s civil suit filed Thursday, Bloomberg says.