Safran completes the acquisition of the Aerospace Power Distribution Management Solutions and Integrated Cockpit Solutions business of Eaton, reinforcing Safran’s strategy over the electrical energy chain
Note to the media: A related release has been issued by Eaton.
Paris, May 12, 2014 - Safran (NYSE Euronext Paris: SAF) today announces it has completed the acquisition of the Aerospace Power Distribution Management Solutions and the Integrated Cockpit Solutions business of Eaton. The definitive agreement to acquire the businesses and the financial terms of the transaction were announced on January 20, 2014.
The business generated revenues of approximately USD 102 million and EBITDA in excess of USD 14 million in 2013. Aerospace Power Distribution Management Solutions account for around 60% of the activity, and Integrated Cockpit Solutions around 40%. The business employs approximately 350 people at manufacturing facilities in Costa Mesa, California and Sarasota, Florida.
The business will be consolidated by Safran with effect from May 9, 2014. The Aerospace Power Distribution Management Solutions activities will be consolidated within the Aircraft Equipment business. The Integrated Cockpit Solutions activities will be consolidated within the Defence business. These figures were not incorporated in Safran‘s 2014 guidance announced at the presentation of 2013 results on February 20, 2014.
AGM - May 27, 2014
First half 2014 results - July 31, 2014
Third quarter revenue - October 23, 2014
Safran is a leading international high-technology group with three core businesses: Aerospace (propulsion and equipment), Defence and Security. Operating worldwide, the Group has 66,300 employees and generated sales of 14.7 billion euros in 2013*. Working alone or in partnership, Safran holds world or European leadership positions in its core markets. The Group invests heavily in Research & Development to meet the requirements of changing markets, including expenditures of 1.8 billion Euros in 2013. Safran is listed on NYSE Euronext Paris and is part of the CAC40 index.
* Sales in 2013 restated for the impacts of IFRS11 amounted to 14.4 billion euros.
For more information, www.safran-group.com / Follow @SAFRAN on Twitter