Eaton confirmed its intent to pursue a spin-off of its lighting business, creating an independent, publicly traded company – a transaction expected to be completed by the end of this year.
Included in the spin-off is Eaton’s lighting business – UK brands Zero 88, iLight and Greengate which are part of the Lighting Division – plus its global Airport Lighting business and Mains Lighting and Intrusion Systems operations that operate primarily in Europe and the Middle East.
The Crouse-Hinds Industrial Lighting business and Life Safety Division’s Emergency Lighting product lines in Europe, the Middle East and Africa will remain with Eaton.
The Lighting business had sales of $1.7 billion in 2018 and employs over 5,000 people, so it will be one of the largest global lighting businesses.
Eaton is excited about this announcement for several reasons stated Simon Sparrow, Managing Director of Eaton Lighting Systems.
It better positions the Lighting business to respond to evolving industry and customer needs, it enables Lighting to compete more effectively across its diverse end-markets, and it enhances Eaton’s ability to focus investments in its core businesses.
Over the next few months, Eaton will be working to finalise the spin-off and ensure a seamless transition for employees, customers and valued business partners. In the meantime, however, it’s business as usual.