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Eaton Plans Sale of Automotive Switches Unit

August 30, 2000|Bloomberg News

Eaton Corp. said it plans to sell its automotive business that makes switches to control windows, door locks, seats and mirrors to focus on its drive-train, engine and specialized sensors operations. The company hired Morgan Stanley Dean Witter & Co. to advise it on the sale. The unit had sales of about $330 million last year, while Eaton's overall sales reached $8.4 billion. The unit, based in Downers Grove, Ill., has 4,017 employees at eight plants in North America, South America and Europe. Eaton expects to complete the sale by the end of the year. Shares of Cleveland-based Eaton fell 50 cents to close at $67 on the NYSE.

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