8-K/A
Eaton Corp plc (ETN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 29, 2021
| EATON CORPORATION plc | ||||||||
|---|---|---|---|---|---|---|---|---|
| (Exact name of registrant as specified in its charter) | ||||||||
| Ireland | 000-54863 | 98-1059235 | ||||||
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) | Eaton House, | 30 Pembroke Road, | Dublin 4, | Ireland | D04 Y0C2 | |
| --- | --- | --- | --- | --- | ||||
| (Address of principal executive offices) | (Zip Code) | +353 | 1637 2900 | |||||
| --- | --- | --- | ||||||
| (Registrant’s telephone number, including area code) | ||||||||
| Not applicable | ||||||||
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Securities registered pursuant to Section 12(b) of the Act: | ||
|---|---|---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Ordinary shares ($0.01 par value) | ETN | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act. ☐
Explanatory Note
This Amendment No. 1 to the Current Report on Form 8-K is being filed solely to correct a typographical error in the date contained in Item 8.01.
Item 8.01 Other Events
On January 29, 2021, Eaton Corporation plc (the “Company”) issued a press release announcing that the Company had entered into a purchase agreement to acquire Tripp Lite, a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Under the terms of the agreement, Eaton will pay $1.65 billion for Tripp Lite. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
| Item | Exhibit |
|---|---|
| 99.1 | Press Release issued January 29, 2021 |
| 104 | Cover Page Interactive Data File (embedded within in the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Eaton Corporation plc | |||
|---|---|---|---|
| Date: | February 1, 2021 | By: | /s/ April Miller Boise |
| April Miller Boise | |||
| Executive Vice President and General Counsel |
Document
EXHIBIT 99.1
| Eaton Communications<br><br>Eaton Center<br><br>Cleveland, OH 44122<br><br>tel: 440-523-7076<br><br>KatyBrasser@eaton.com | |
|---|---|
| Date | January 29, 2021 |
| --- | --- |
| For Release | Immediately |
| Contact | Katy Brasser, (216) 232-8869 |
Eaton signs agreement to acquire Tripp Lite, expanding Eaton’s power quality business in the Americas
DUBLIN, Ireland … Power management company Eaton (NYSE:ETN) today announced it has signed an agreement to acquire Tripp Lite, a leading supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, and communications markets in the Americas. Founded nearly 100 years ago, the company is headquartered in Chicago, Illinois. Under the terms of the agreement, Eaton will pay $1.65 billion for Tripp Lite, which represents approximately 12 times Tripp Lite’s 2020 EBITDA and 11 times estimated 2021 EBITDA.
“The acquisition of Tripp Lite will enhance the breadth of our edge computing and distributed IT product portfolio and expand our single-phase UPS business,” said Uday Yadav, president and chief operating officer, Electrical Sector, Eaton. “We look forward to welcoming Tripp Lite to the Eaton family.”
The acquisition, which is subject to customary closing conditions, is expected to close mid-2021.
Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power – more safely, more efficiently, and more reliably. Eaton’s 2019 revenues were $21.4 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees. For more information, visit Eaton.com.
This news release contains forward-looking statements about the expected closing of the acquisition of Tripp Lite and estimated Tripp Lite 2021 EBITDA. These statements should be used with caution and are subject to various risks and uncertainties, some of which are outside of the company’s control. Factors that could cause these statements to become untrue include possible delay or failure of the satisfaction of all closing conditions. We do not assume any obligation to update these forward-looking statements.