Eaton to sell division to Safran for $270 million

NEW YORK Mon Jan 20, 2014 10:42am EST

NEW YORK (Reuters) - Eaton Corp (ETN.N) on Monday said it would sell its aerospace power distribution unit to Safran SA (SAF.PA) for $270 million, in a deal that is expected to close in the first half of 2014.

The division makes switches and power distribution items for use in aerospace systems, including cockpits, Eaton said in a statement. The unit had sales of about $102 million in 2013.

Shares of Eaton closed Friday at $76.85.

(Reporting by Ryan Vlastelica; Editing by Chizu Nomiyama)