Eaton Finishes Aeroquip-Vickers Deal

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TOLEDO, Ohio (AP) — Shareholders of Aeroquip-Vickers have overwhelmingly approved the company's purchase by Cleveland's Eaton Corp for $1.7 billion.

The deal between Aeroquip-Vickers, a 13-year-old hydraulics and hose manufacturer in the Toledo suburb of Maumee, was expected to be finalized today, The Blade reported.

Aeroquip-Vickers shareholders approved the $58-a-share purchase Thursday.

"We tried to stay independent as long as we could," Darryl Allen, Aeroquip-Vickers' chairman, chief executive, and president, said after the meeting. "Eaton's a good company. We selected them."

About 50 corporate employees have found other jobs, said Allen, who will be employed by Eaton for a year and will be a paid consultant for four more.

Eaton has not determined staffing needs at a joint-venture factory in Fremont that employs 700, a 1,200-employee factory and distribution center in Van Wert, or Aeroquip-Vickers operations

utside northwest Ohio, an Eaton spokesman said.

Aeroquip-Vickers makes hoses, fittings, hydraulic pumps, and other parts.

Aeroquip-Vickers stock, which was traded at $35.25 a share before the Eaton deal was announced, closed at $58 yesterday, up 12.5 cents a share on the New York Stock Exchange.

Eaton's stock closed Thursday on NYSE at $76.44, up $1.75 and recovering from the beating it took after the February announcement.

Eaton has 49,500 employees in 155 plants in 25 nations and had 1998 sales of $6.6 billion. Its products include truck transmissions, electrical controls and engine components.