Eaton Acquires 49% Stake in Jiangsu Ryan Electrical Co. Ltd.

• Accelerates Eaton�s growth in the renewable energy, data center, utility and industrial markets

DUBLIN–(BUSINESS WIRE)–Intelligent power management company Eaton (NYSE:ETN) today announced it has completed the acquisition of a 49% stake in Jiangsu Ryan Electrical Co. Ltd. (Ryan), a manufacturer of power distribution and sub-transmission transformers in China with revenues of approximately $100 million in 2022.

“The powerful combination of Ryan’s high-quality products and Eaton’s global distribution will enable us to better serve customers in Asia Pacific and around the world,” said Howard Liu, president, Asia-Pacific Region, Electrical Sector, Eaton. “Together, we’ll be well-positioned to provide the solutions for the transition to more renewable energy and electrical content in a variety of applications.”

Jiangsu Ryan Electrical Co. Ltd. is located in Nantong, Jiangsu, China. The company is focused on dry-type transformers, a sizeable and growing market amid the rapidly expanding renewable energy base and increasing electricity consumption around the world. Ryan’s products are widely used and recognized by customers in renewable energy, data center, utility and industrial markets.

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ? today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.

Founded in 1911, Eaton is marking its 100th anniversary of being listed on the New York Stock Exchange. We reported revenues of $20.8 billion in 2022 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.

Contacts

Jennifer Tolhurst

+1 (440) 523-4006

jennifertolhurst@eaton.com