Eaton announced Monday it's spinning off its Mobility Group, including the vehicle and e-mobility segments, into an independent company.
"The separation of Mobility advances Eaton's bold new 2030 growth strategy to lead, invest and execute for growth," says Paulo Ruiz, Eaton's CEO. "Our team will have a sharpened focus on our core electrical and aerospace businesses. We are confident that Eaton is exceptionally well-positioned to capitalize on opportunities to accelerate growth and margin expansion and to create long-term value for our shareholders."
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The new company will be publicly traded and follows the divestitures of lighting in 2020 and hydraulics in 2021.
"We are incredibly proud of what our Mobility team has built and believe that now is the right time to separate that business," Ruiz adds. "As an independent company, Mobility will be able to build on its strong foundation as a leading supplier across the globe and have the strategic focus and agility to allocate capital and resources to best serve its customers, pursue independent growth opportunities and drive innovation."
The separation will allow Mobility to pursue near- and long-term growth opportunities, Eaton says. The spin-off should be completed in the first quarter of 2027.
