Eaton, JC Corporation Form Joint Venture in Korea to Manufacture Automotive Controls.CLEVELAND--(BUSINESS WIRE)--Sept. 4, 1997--Eaton Corporation and JC Corporation, a Korean automotive components manufacturer, have agreed to merge elements of their existing automotive controls businesses in Korea into a new joint venture. Eaton will own 51 percent of the new business. JC Corporation, a specialist in automotive controls headquartered in Pusan, supplies all of the major Korean OEMs. JC brings to the joint venture strong marketing and manufacturing capabilities within Korea. Eaton Chairman Stephen R. Hardis said, "This new relationship with JC Corporation in Korea will permit us to efficiently provide the latest in automotive controls design and technology to important customers in the Korean automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . It is further evidence of Eaton's commitment to invest in, and grow with, the Korean economy." Manufacturing for the joint venture, known as Eaton JC Controls Company, will start in Pusan and be located in one of JC's subsidiary company buildings. Primary products will include electro-pneumatic and hydraulic valves (Mach.) A valve for regulating the distribution of water in the cylinders of hydraulic elevators, cranes, etc. (Gas Works) An inverted cup with a partition dipping into water, for opening or closing communication between two gas mains, the open ends of which protrude , thermostatic ther·mo·stat n. A device, as in a home heating system, a refrigerator, or an air conditioner, that automatically responds to temperature changes and activates switches controlling the equipment. expansion valves (Steam Engine) a cut-off valve, to shut off steam from the cylinder before the end of each stroke. See also: Expansion , motor actuators, electrical switches and cold thermostats. OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers will include Hyundai, Daewoo, Kia, and Ssangyong. Robert J. McCloskey, senior vice president - Controls & Hydraulics hydraulics, branch of engineering concerned mainly with moving liquids. The term is applied commonly to the study of the mechanical properties of water, other liquids, and even gases when the effects of compressibility are small. , who was in Seoul for the announcement, said, "We have solid growth expectations from this joint venture. The Korean automotive industry, already the fifth largest in the world, has excellent growth prospects. We believe the design and manufacturing expertise of this joint venture will make it an active participant in that robust growth." He added that the joint venture is expected to have sales of $14 million in its first year and, if conditions continue as forecast, $70 million in sales in five years. The joint venture will open an Engineering/Sales Design Center in the Seoul area which will support the Korean automotive industry and establish a critical link for worldwide support for the Korean OEMs. The new design center will be linked to the other worldwide Eaton Automotive Controls Engineering Centers in Europe and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , and will have full access to worldwide Eaton technology. Earlier this year Eaton announced it would open a new facility near Seoul to build limited slip differentials A limited slip differential (LSD) is a modified or derived type of differential gear arrangement that allows for some difference in rotational velocity of the output shafts, but does not allow the difference in speed to increase beyond a preset amount. for Korean automakers Hyundai and Kia. Eaton also recently opened a facility in Pyungtaek City to manufacture ion implanters for the semiconductor market. Eaton's sales in Korea are forecasted to exceed $100 million in 1997. By the year 2000, the projected sales volume is expected be more than $250 million. Eaton's strategic goal is to achieve $10 billion in sales and earnings of $8 per share by the year 2000 through new product introductions, increased international expansion and strategic acquisitions. Eaton Corporation This article is about an industrial manufacturer. For other meanings see Eaton. Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2006 sales of $12.4 billion, putting it at 198 on the Fortune 500 for 2007. is a global manufacturer of highly engineered products which serve industrial, vehicle, construction, commercial and semiconductor markets. Principal products include electrical power distribution and control equipment, truck transmissions and axles, engine components, hydraulic products, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 55,000 employees and 155 manufacturing sites in 26 countries around the world. Sales for 1996 were $7 billion. For more information on Eaton Corporation, visit our Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the site at http//www.eaton.com/ CONTACT: Eaton Corporation Renald M. Romain, 216/523-4736 |
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