Eaton Corp. - Acquisition

RNS No 1531w
EATON CORPORATION
6 April 1999


         EATON/AEROQUIP-VICK)(ETN) Eaton Acquisition of
     Aeroquip-Vickers Approved by the European Common Market
          
Business Editors
     
     CLEVELAND--(BUSINESS WIRE)--April 1, 1999--Eaton Corporation
(NYSE:ETN) today said that its proposed acquisition of
Aeroquip-Vickers, Inc. (NYSE:ANV), based in Maumee, Ohio, has been
approved by the European Common Market.
     On March 10, 1999, Eaton announced that the waiting period for 
U.S. government review of the acquisition had expired without a
request for additional information.
     The Boards of Directors of both companies previously approved the
transaction, and the meeting at which Aeroquip-Vickers shareholders
will vote on the merger will be held April 8 in Maumee. The merger is
expected to be completed shortly thereafter.
     On February 1, 1999, Eaton and Aeroquip-Vickers jointly announced
that Eaton would acquire all of the outstanding common shares of
Aeroquip-Vickers for $58 per share in cash, or approximately $1.7
billion.
     Eaton Corporation is a global manufacturer of highly engineered
products that serve industrial, vehicle, construction, commercial and
semiconductor markets. Principal products include electrical power
distribution and control equipment, truck drivetrain systems, engine
components, hydraulic products, ion implanters and a wide variety of
controls. Headquartered in Cleveland, the company has 49,500 employees
and 155 manufacturing sites in 25 countries around the world. Sales
for 1998 were $6.6 billion. The Internet address for Eaton is:
http://www.eaton.com/
     Aeroquip-Vickers is two companies, Aeroquip Corporation and
Vickers, Incorporated, world leaders in the design, manufacture and
distribution of engineered components and systems to industrial,
aerospace and automotive markets. Headquartered in Maumee, Ohio, the
company has 15,000 employees and 50 manufacturing and/or assembly
sites in 15 countries around the world. Sales for 1998 were $2.15
billion. The Internet address for Aeroquip-Vickers, Inc. is:
http://www.aeroquip-vickers.com/
     
     CONTACT:  Eaton Corporation, Cleveland
               Renald M. Romain, 216/523-4736
     
     KEYWORD:  OHIO WISCONSIN
     INDUSTRY KEYWORD:  COMPUTERS/ELECTRONICS COMED AUTOMOTIVE    
     INTERNATIONAL EUROPE MERGERS/ACQ
     

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