Eaton (ETN) CEO Cutler: We're Not Selling Our Auto Parts Unit
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Eaton (NYSE: ETN) shares are lower Wednesday following a pop earlier in the week on chatter it might sell its auto parts business.
According to CEO Alex Cutler, speaking at a Deutsche Bank conference, the company has no plans to sell the unit. Cutler said, "We are not, and have not been, in the process of discussions to sell our automotive business..I've answered this question repeatedly since we did the acquisition of Cooper...Our vehicle business is a very important part of Eaton. It is a very strong franchise."
On Monday, Bloomberg reported that Eaton might be in discussions to unload the unit. Valuation was speculated at $1 billion. Wells Fargo issued a note the same day, saying the $1 billion price tag wouldn't be enough.
Eaton shares are down 1.3 percent on the session.
According to CEO Alex Cutler, speaking at a Deutsche Bank conference, the company has no plans to sell the unit. Cutler said, "We are not, and have not been, in the process of discussions to sell our automotive business..I've answered this question repeatedly since we did the acquisition of Cooper...Our vehicle business is a very important part of Eaton. It is a very strong franchise."
On Monday, Bloomberg reported that Eaton might be in discussions to unload the unit. Valuation was speculated at $1 billion. Wells Fargo issued a note the same day, saying the $1 billion price tag wouldn't be enough.
Eaton shares are down 1.3 percent on the session.
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