Eaton CEO: Prime Path is to Spinoff Lighting by End of Year

May 3 [addtoany]

In a conference call with investors, Craig Arnold, Eaton Corporation Chairman & CEO, reiterated Eaton’s plan to spin off the lighting division.  He was asked if Eaton has received  any indications of interest that may be a sale is as likely or more likely than a spinoff.

Arnold responded, “As we mentioned in terms of Lighting, first of all, I’d say that the process is moving along as we anticipated and the prime path continues to be to spin the business, and we still expect to be ready to make sure that we can get that done by the end of year. To your point specifically around outside interest, yes. As you can imagine, there has been a number of companies who’ve raised an interest in potentially acquiring the business. And it’s always good to have an option and a choice. And so we’ll be obviously, working through these 2 alternatives. But once again, the prime path that we’re on is to spin the business.”