Eaton to buy AT Holdings for $695M

Eaton Corp. (NYSE: ETN) yesterday said it would buy AT Holdings Corp., parent of aerospace company Argo-Tech Corp., from Greenbriar Equity Group and Vestar Capital Partners, for $695 million. Argo-Tech, which employs 640 people, makes engine fuel pumps, airframe fuel pumps, and ground fueling systems used by operators of commercial and military airplanes. The company generated Ebitda of $63 million in its fiscal year ending Oct. 28, on sales of $206 million. The transaction is expected to close in the first quarter of 2007.