Eaton To Sell Lighting Business To Signify For $1.4 Bln

(RTTNews) - Power management company Eaton (ETN) Tuesday said it has agreed to sell its lighting business to Signify N.V. for $1.4 billion in cash.

The company said it decided to sell its lighting business after completing a comprehensive review of various potential transaction alternatives to maximize shareholder value.

Eaton's lighting business generated sales of $1.7 billion in 2018 and serves customers in commercial, industrial, residential and municipal markets.

"Today's announcement is another example of how we are actively managing our portfolio to create value for our shareholders," said Craig Arnold, Eaton chairman and chief executive officer.

The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first quarter of 2020.