Market Overview

Eaton and Shaanxi Fast Gear Announce a Joint Venture for Light-Duty Manual Transmissions in Asia-Pacific, Eastern Europe, and Africa


Power management company Eaton (NYSE:ETN) and Shaanxi Fast Gear (SFGW),
today announced they have signed a joint venture agreement to
manufacture manual transmissions for light-duty commercial vehicles. The
formation of the joint venture is subject to regulatory approvals and
customary closing conditions.

The planned joint venture will be based in the High Tech Zone of Baoji
City, Shaanxi Province, China, and will develop, manufacture, sell, and
service manual transmissions for the large and fast growing light-duty
truck market in China. In addition, the joint venture will sell its
products throughout the rest of Asia-Pacific, Eastern Europe, and Africa.

"We are pleased to announce our new joint venture with SFGW," said João
Faria, president, Eaton Vehicle Group. "Eaton's efficient transmission
solutions, combined with SFGW's infrastructure and current light-duty
transmission portfolio, will strengthen our collective goal to help
light-duty commercial vehicle OEMs meet increasing regulations for
improved fuel economy and performance."

SFGW, headquartered in Xi'an, China, will own a 51 percent interest in
the new joint venture. Eaton will own a 49 percent interest.

Eaton and SFGW are currently partners in a joint venture, Fast Eaton
Clutch, that develops, manufactures, and services clutches and
associated clutch components in China. Fast Eaton Clutch is based in
Xi'an, China, and has seen a significant increase in sales since
starting operations in 2014.

About Eaton

Eaton is a power management company with 2017 sales of $20.4 billion. We
provide energy-efficient solutions that help our customers effectively
manage electrical, hydraulic and mechanical power more efficiently,
safely and sustainably. Eaton is dedicated to improving the quality of
life and the environment through the use of power management
technologies and services. Eaton has approximately 96,000 employees and
sells products to customers in more than 175 countries. For more
information, visit

About Shaanxi Fast Gear

Shaanxi Fast Auto Drive Co., Ltd was founded in 1968. It owns and
joint-owns over 10 subsidiaries, a factory in Thailand of sole
proprietorship and a distribution company in the USA. Each of our
business indicators has continuously ranked first in China's gear
industry for 15 years. The annual production and sales of heavy duty
transmission has continuously ranked first for 12 years all around the
world. It's the only enterprise with over ten billion annual production
and sales in gear industry in China. Fast Group has been committed to
developing, manufacturing and selling 8 series of products, including
Hydraulic AT, AMT, S-Series Transmission, Bus Transmission, Light-Duty
Truck Transmission and Hydraulic Retarder, Clutch, Reducer as well as
new energy products like Wheel Reducer and Electric Vehicle Drive System.

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