DUBLIN-Saturday 22 February 2020 [ AETOS Wire ]
(BUSINESS WIRE)-- Power management company Eaton (NYSE:ETN) and Abunayyan Holding today announced the formation of a joint venture to produce and service low- and medium-voltage switchgear in the Middle East. The joint venture will do business as Eaton Arabia and will have locations in Dammam, Saudi Arabia, and Dubai, United Arab Emirates.
“We are pleased to form this new joint venture with Abunayyan,” said Tim Darkes, president, Europe, Middle East and Africa Region, Corporate and Electrical Sector. “Abunayyan’s strong presence in the Kingdom of Saudi Arabia combined with Eaton’s global scale and access to the broader Middle East will strengthen our offerings to customers in the region.”
Abunayyan and Eaton will each own 50 percent of the new joint venture, and Abunayyan will consolidate joint venture results.
Abunayyan Holding, through its subsidiaries, engages in trading, manufacturing, servicing, and investing in water, oil, gas, and power markets in the Kingdom of Saudi Arabia and the Gulf countries. Headquartered in Riyadh, Saudi Arabia, Abunayyan Holding employs approximately 4,500 people in subsidiaries in the Kingdom of Saudi Arabia, the Middle East and Africa.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 101,000 employees. For more information, visit www.eaton.com.
This news release contains forward-looking statements about the future Eaton Arabia joint venture. These statements should be used with caution and are subject to various risks and uncertainties, many of which are outside of the company’s control. The following factors could cause actual results to differ materially from those in the forward-looking statements: unanticipated difficulties completing the transaction and unanticipated changes in the joint venture’s markets or deterioration of economic and financial conditions generally in the Middle East and around the world. We do not assume any obligation to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200218006217/en/
Contacts
Jonathan Hart, Eaton, +41 (0)78 706 78 70
jonathanhart@eaton.com
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