Eaton to Acquire Cobham Mission Systems In a deal valued at $2.8 billion, Eaton is investing heavily to expand its Aerospace business’s fuel and environmental systems offerings. Author
Power management company Eaton (NYSE: ETN), Dublin, Ireland, on Monday announced it has agreed to acquire UK-based manufacturer Cobham Mission Systems (CMS) for $2.8 billion.
CMS manufactures air-to-air refueling systems, environmental systems and actuation primarily for defense markets. Eaton said that excluding the amount paid for tax benefits, the purchase price represents about 14 times CMS’s 2020 EBITDA and 13 times its estimated 2021 EBITDA.
“Cobham Mission Systems’ highly complementary products and strong position on growing defense platforms will enhance our fuel systems business and position our Aerospace business for future growth,” said Heath Monesmith, president and chief operating officer, Industrial Sector, Eaton. “We look forward to welcoming CMS to Eaton.�
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Stocks close sharply higher as Wall Street tries to move past GameStop jitters MarketWatch 2/1/2021
MARKET SNAPSHOT
U.S. stocks ended higher Monday, bouncing after the worst weekly loss since October after worries about frenzied trading in GameStop Corp. and a handful of other heavily shorted stocks sparked a ripple of selling on Wall Street.
How did stocks perform?
The Dow Jones Industrial Average gained 229.29 points, or 0.8%, to close at 30,211.91, after hitting an intraday high of 30,335.91.
The S&P 500 added 59.62 points, or 1.6%, to settle at 3,773.86.
The Nasdaq Composite surged 332.70 points, or 2.6%, touching 13,403.39 at the close.
Stocks on Friday registered their worst weekly declines since the period ended Oct. 30. The Dow closed 3.2% lower for the week, the S&P 500 was down 3.3% and the Nasdaq Composite finished with a weekly slide of 3.5%.
Stocks close sharply higher as Wall Street tries to move past GameStop jitters MarketWatch 2/1/2021
MARKET SNAPSHOT
U.S. stocks ended higher Monday, bouncing after the worst weekly loss since October after worries about frenzied trading in GameStop Corp. and a handful of other heavily shorted stocks sparked a ripple of selling on Wall Street.
How did stocks perform?
The Dow Jones Industrial Average gained 229.29 points, or 0.8%, to close at 30,211.91, after hitting an intraday high of 30,335.91.
The S&P 500 added 59.62 points, or 1.6%, to settle at 3,773.86.
The Nasdaq Composite surged 332.70 points, or 2.6%, touching 13,403.39 at the close.
Stocks on Friday registered their worst weekly declines since the period ended Oct. 30. The Dow closed 3.2% lower for the week, the S&P 500 was down 3.3% and the Nasdaq Composite finished with a weekly slide of 3.5%.
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