Eaton Acquires 49% Stake In China-Based Jiangsu Ryan Electrical To Boosts Presence In Asia-Pacific Region - Eaton Corp (NYSE:ETN)

Eaton Corp ETN has completed the acquisition of a 49% interest in Jiangsu Ryan Electrical Co. Ltd. in China.
Jiangsu Ryan Electrical manufactures power distribution and sub-transmission transformers in China, focusing on dry-type transformers that are a booming market amid an increasing renewable energy base and rising electricity consumption globally.
Jiangsu Ryan reported revenue of around $100 million in revenues in 2022.
"The powerful combination of Ryan's high-quality products and Eaton's global distribution will enable us to better serve customers in Asia Pacific and around the world. Together, we'll be well-positioned to provide the solutions for the transition to more renewable energy and electrical content in a variety of applications." said Howard Liu, president, Asia-Pacific Region, Electrical Sector.
Price Action: ETN shares are trading lower by 3.00% at $158.00 premarket on last checked Monday.