Eaton [ETN] on Tuesday said it has completed its $2.8 billion acquisition of Cobham Mission Systems from the private equity firm Advent International, expanding its defense business and its offerings in fuel and environmental systems.
“This acquisition, along with our prior acquisition of Souriau-Sunbank, positions our Aerospace business well for the future,” Heath Monesmith, president and chief operating officer of Eaton, said in a statement. “These are just two examples of ways we are positioning Eaton’s portfolio for higher growth, stronger margins and more consistent performance.”
Cobham Mission Systems manufactures air-to-air refueling systems, environmental systems, and actuation, primarily for defense markets. Cobham also has capabilities in space propulsion, weapons carriage and tank inerting. The company has 2,000 employees and manufacturing facilities in the U.S. and United Kingdom.
Eaton, which is based in Ireland and has an operational headquarters in Cleveland, had $17.9 billion in sales in 2020. The company develops and manufactures power management technologies.