Power management company Eaton announced on Friday morning, March 1, that it plans to spin off its lighting business, which makes LED lighting and controls, into an independent, publicly traded company.
Eaton, which is based in Ireland but has its North American headquarters in Beachwood, said in a news release that the spinoff is expected to be completed by the end of this year. Goldman Sachs is serving as the company’s financial adviser on the deal.
The lighting business had sales of $1.7 billion in 2018. It serves customers in commercial, industrial, residential and municipal markets.
Eaton, whose products range from filters for oil and gas industries to components for the aerospace sector, reported sales of $21.6 billion last year.
In the release, Eaton said details of the proposed transaction would be discussed later on Friday during the company’s annual investor conference.
Eaton employs 99,000 people worldwide and sells products to customers in more than 175 countries.