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Eaton Buys ISG, Expands Medium-Voltage Switchgear Business
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Eaton Corporation plc (ETN - Free Report) announced the acquisition of Innovative Switchgear Solutions, Inc. (ISG). This acquisition will boost its existing operation in the medium-voltage switchgear solution business.
The demand for medium-voltage switchgear solutions is on the rise on a global scale. ISG’s solid dielectric underground switchgear products will provide Eaton with a compact, low-maintenance and highly configurable solution that shall help it solve critical challenges faced by customers.
Importance of Medium-Voltage Switchgear
Per a report from RESEARCH AND MARKETS, higher power consumption of industrial motors has encouraged industries to focus on replacing low-voltage motors with medium-voltage ones. Courtesy of rising demand for motors globally, the medium voltage motors market is expected to expand at a CAGR of 4% in the 2019-2023 time period.
Eaton already has operations on a global scale. The acquisition of ISG will strengthen its position among the leading medium-voltage motor manufacturers that include General Electric Co. (GE - Free Report) and TECO Electric & Machinery Co., among others.
Expansion of Global Switchgear Market
A report from MARKETS AND MARKETS indicates that the global switchgear market is projected to reach a size of $143.5 billion by 2024, at a CAGR of 6.9%, from an estimated $102.6 billion in 2019.
Eaton has a strong presence in the electric systems and products market. More than 60% of its total revenues were generated from the sale of electric systems in first-quarter 2019. Eaton, with existing product offerings and strategic acquisitions, will further expand presence in the switchgear market and benefit from rising demand in the global switchgear market.
Price Performance
Shares of Eaton have outperformed its industry in the past six months.
AZZ reported average positive surprise of 2.12% in the last four quarters. Its Zacks Consensus Estimate for fiscal 2020 has moved up 2.8% in the past 60 days to $2.59.
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Eaton Buys ISG, Expands Medium-Voltage Switchgear Business
Eaton Corporation plc (ETN - Free Report) announced the acquisition of Innovative Switchgear Solutions, Inc. (ISG). This acquisition will boost its existing operation in the medium-voltage switchgear solution business.
The demand for medium-voltage switchgear solutions is on the rise on a global scale. ISG’s solid dielectric underground switchgear products will provide Eaton with a compact, low-maintenance and highly configurable solution that shall help it solve critical challenges faced by customers.
Importance of Medium-Voltage Switchgear
Per a report from RESEARCH AND MARKETS, higher power consumption of industrial motors has encouraged industries to focus on replacing low-voltage motors with medium-voltage ones. Courtesy of rising demand for motors globally, the medium voltage motors market is expected to expand at a CAGR of 4% in the 2019-2023 time period.
Eaton already has operations on a global scale. The acquisition of ISG will strengthen its position among the leading medium-voltage motor manufacturers that include General Electric Co. (GE - Free Report) and TECO Electric & Machinery Co., among others.
Expansion of Global Switchgear Market
A report from MARKETS AND MARKETS indicates that the global switchgear market is projected to reach a size of $143.5 billion by 2024, at a CAGR of 6.9%, from an estimated $102.6 billion in 2019.
Eaton has a strong presence in the electric systems and products market. More than 60% of its total revenues were generated from the sale of electric systems in first-quarter 2019. Eaton, with existing product offerings and strategic acquisitions, will further expand presence in the switchgear market and benefit from rising demand in the global switchgear market.
Price Performance
Shares of Eaton have outperformed its industry in the past six months.
Zacks Rank & Key Pick
Currently, Eaton has a Zacks Rank #3 (Hold). A better-ranked stock in the same industry is AZZ Inc. (AZZ - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AZZ reported average positive surprise of 2.12% in the last four quarters. Its Zacks Consensus Estimate for fiscal 2020 has moved up 2.8% in the past 60 days to $2.59.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
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