Form Joint Venture to Produce and Service Low- and Medium-Voltage Switchgear Holding By Eaton and Abunayyan in the Middle East

Power management company Eaton (NYSE:ETN) and Abunayyan Holding on February 22, 2020 declared the formation of a joint venture to produce and service low- and medium-voltage switchgear in the Middle East. The joint venture will do business as Eaton Arabia and will have areas in Dammam, Saudi Arabia, and Dubai, United Arab Emirates.

We are glad to create this new joint venture with Abunayyan, stated Tim Darkes, president, Europe, Middle East and Africa Region, Corporate and Electrical Sector. Abunayyans robust presence in the Kingdom of Saudi Arabia together with Eatons international scale and access to the broader Middle East will give a boost to our offerings to clients in the region.

Abunayyan and Eaton will each own 50 percentage of the new joint venture, and Abunayyan will consolidate joint venture results.

Abunayyan Holding, via its subsidiaries, engages in trading, manufacturing, servicing, and investing in water, oil, gas, and power markets in the Kingdom of Saudi Arabia and the Gulf countries. Headquartered in Riyadh, Saudi Arabia, Abunayyan Holding employs around 4,500 people in subsidiaries in the Kingdom of Saudi Arabia, the Middle East and Africa.

Eatons mission is to enhance the quality of life and the surroundings via the use of power management technologies and services. We give sustainable solutions that assist our clients effectively manipulate electrical, hydraulic, and mechanical power more safely, more efficiently, and more reliably. Eatons 2019 revenues have been $21.4 billion, and we promote products to clients in more than 175 countries. We have around 101,000 employees. For more information, visit www.eaton.com.