Eaton Corp. said it completed the purchase of Hayward Industries, an industrial filtration business with sales of about $100 million and 530 employees worldwide. Terms were not disclosed. Eaton, a diversified industrial manufacturer, reported sales of $9.8 billion in 2004 and has 57,000 employees.
>> Lee Brass was purchased in June by the Special Situations Fund L.P. in a 363 asset sale and is being operated independently by management with prior experience with the company. Bruce L. Jameson, formerly vice president/industrial, plumbing and marine products, is now president/CEO. Reiber Heath, who had been controller, is now chief financial officer. David Smith remains operations manager. The company supplies brass and bronze castings to original equipment manufacturers in a wide range of industries.
>> Polypipe Building Products Ltd., a manufacturer of plastic pipe systems for the United Kingdom domestic and civil construction markets, has been acquired by Castle Harlan Partners IV L.P., a private equity fund managed by Castle Harlan, a New York-based private equity firm. The purchase price was $527 million (U.S.). Polypipe has 39 facilities with about 2,900 employees. Its unaudited revenues for the 12 months ended June 30 were $566.3 million (U.S.).