Fluorocarbon Says It Is Going to Acquire Eaton’s Polymer Unit

The Fluorocarbon Co., a Laguna Niguel rubber and plastics molder, said Thursday that it signed a definitive agreement to acquire the 700-employee industrial polymer division of Eaton Corp., the giant Cleveland-based electronics equipment manufacturer.

An Eaton spokesman said the purchase price is “in excess of $50 million” in cash.

The polymer division, which makes wire and tubing, cable, reinforced hoses and other components for industrial machinery, recorded sales of $86 million during fiscal 1986 and will become Fluorocarbon’s fourth corporate group, spokesman Ron Bissel said.

Company officials said they plan to retain the division’s present management and employees. The division has six manufacturing plants in the United States and Europe.

Included in the acquisition is the polymer division’s joint venture with Nitta Moore Ltd. of Japan, which reported 1986 sales of $37 million, said Renny Romain, an Eaton spokesman.

Announced Intent

In October, Eaton announced its intent to sell several of its businesses that the company viewed as not qualifying as “its core businesses for the future,” Romain said. “We also felt those businesses would benefit by closer association with companies that manufacture those specific products.”

Proceeds from the sale will be used to fund an accelerated repurchase of Eaton common stock, Romain said.

Fluorocarbon’s plastics, rubber and fluid sealant divisions generated nearly $100 million in sales during the company’s most recent fiscal year, Bissel said. The company has 21 manufacturing plants worldwide.