- Oak Industries has sold its Lisle,...
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- Oak Industries has sold its Lisle, Ill.-based Harper-Wyman Co. subsidiary to Eaton Corp. for an undisclosed price, the companies said last week. Oak hopes to complete the deal by March, according to spokeswoman Mary Lou Coburn.
Harper-Wyman, which sells controls to major appliance manufacturers, “has had problems in a very competitive market,” according to Coburn. “They’ve suffered price increases in materials costs that they’ve not been able to offset by raising prices.”
The sale will have no effect on San Diego-area employment, Coburn said.
The Harper-Wyman sale “is part of our continuing strategy to reassemble Oak into a mid-tech company serving markets with good growth potential,” according to Oak Chairman E. L. McNeely. Oak will use proceeds from the sale to finance further acquisitions, McNeely said.
Eaton manufactures products for the automotive, industrial, commercial and defense markets. Oak manufactures electronic components and controls and cable and satellite communications equipment.
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