Industry analysts believe that in the long-run, successful fluid power suppliers will be those companies that have the ability to capitalize on the changing needs of the industry by providing technological innovation, shorter product development cycles and reduced shipment lead times. This concept continues to bode well for the merger prospects of attractive mid-sized companies. Mr. Herman graduated with a B.A. in Economics from the University of Pennsylvania. The Boards of Directors of both companies have approved the transaction, which is subject to normal closing conditions and the approval of Aeroquip-Vickers shareholders. It is expected to be completed in April.
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This acquisition enables Eaton to achieve that critical objective-building upon and extending Eaton's strong position in mobile hydraulics. This complementary acquisition fundamentally repositions our business among the world leaders, just as our 1993 acquisition of the Westinghouse DCBU did for our Cutler-Hammer business. Together, Eaton and Aeroquip-Vickers create an aerospace hydraulics business with sales of 700 million, and a systems capability across all hydraulics applications that is unparalleled. Along with our traditional strengths with OEMs, we now have strong positions in distributor, aftermarket, and service channels. Like Aeroquip and Vickers.