President foresees no layoffs or facility closings. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. "The acquisition of Tripp Lite will enhance the breadth of our edge computing and distributed IT product portfolio and expand our single-phase UPS business," said Uday Yadav, president and chief operating officer . After a profane outburst from a fellow worker, the plaintiff was assigned to work and train under a supervisor who abused him psychologically. As stated by a CNBC report, President Biden is supportive of a rebate program, wherein American car buyers could trade their older vehicles for new EVs. Required fields are marked *. The company name changed once again in 1965 to Eaton Yale & Towne Inc. after the acquisition of Yale & Towne Manufacturing Co. in 1963. The seller will argue that the buyer should look solely to the buyersM&Areps and warranties insurance or the escrow indemnity established in the acquisition agreement for recourse on indemnification claims. If the Company Business meets ___% or more of the applicable EBITDA Earnout Target, the actual percentage of the EBITDA Earnout Target obtained by the Company Business shall equate to the percentage of the total amount of Earnout Payment due for such Earnout Period up to 100%, in which case the entire amount of the applicable Earnout Payment would be due. Eaton hybrid power systems: mounted between the UltraShift automated manual transmission and clutch is an electric motor/generator, connected to a power inverter using lithium ion batteries, controlled with an electronic control module. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The obligation to pay the Earnout Payments shall be based upon, post-Closing, the Surviving Corporation (the Company Business) achievement of not less than ___% of the applicable EBITDA Targets for each Earnout Period. Electrical and Industrial | Power management solutions | Eaton The supervisor made frequent use of the N-word, made reference to slavery and lynching, and claimed his job was to get rid of black workers. Every day, new opportunities emerge around M&A and we help professionals of all types comb through transactions, investors, and corporate acquirers via an easy-to-use web database that is accessible to anyone. The acquisition of Tripp Lite will enhance the breadth of our edge computing and distributed IT product portfolio and expand our single-phase UPS business, said Uday Yadav, president and chief operating officer, Electrical Sector, Eaton. Emps., No. DUBLIN--(BUSINESS WIRE)--Power management company Eaton (NYSE:ETN) today announced it has completed the acquisition of Cobham Mission Systems.Cobham is a leading manufacturer of air-to-air . The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Earnouts are typically earned if the business acquired meets certain financial or other milestones after the acquisition is closed. Copy and paste multiple symbols separated by spaces. was notified to the Commission on 17 August 2020 and the Commission opened an in-depth investigation on 21 September 2021. In 1978, Eaton Corporation acquired Samuel Moore & Company, Kenway Systems, and Cutler-Hammer. In 1995, Eaton Corp had to pay $1.25M in restitution to a former employee who had been subject to racial harassment. Eaton's purchase price represents approximately 12 times Tripp Lite's 2020 EBITDA and 11 times estimated 2021 EBITDA. A total of 9 acquisitions came from private equity firms. To start with, on March 17, 2021, Eaton acquired Tripp Lite for $1.65 billion, net of cash received. Website Last Modified March 4, 2023. A year later, Republic Motor Truck Company, Torbensen's largest customer bought out the company. To the extent that ___% or less of the EBITDA Target is met during any Earnout Period, the Company Stockholders shall lose the right to receive any Earnout Payment for such Earnout Period. Ireland, 2012, page 3C, Corporation tax in the Republic of Ireland#Corporate tax inversions, "Eaton Corporation plc 2021 Annual Report (Form 10-K)", "A Brief but Sad History of Selected Corporate Inversions", https://www.eaton.com/us/en-us/company/about-us/our-heritage.html, "Eaton Corp. to complete move to new Beachwood campus by Feb. 18", http://www.manufacturingnews.com/subscribers/users_orig.cgi?mfgnews_username=mbg&flag=read_article&id_title=1&id_article=581&id_issue=34&id_sub=459&id_sl=, "Hybrid Electric Vehicle Systems Overview", "Clutches for linehaul and vocational trucks", "Eaton buys Delta plc's electrical division based in United Kingdom", "Cutler-Hammer in joint venture between Eaton, Caterpillar", "Eaton Announces Acquisition of Aphel Technologies Limited", "Eaton Expands Power Quality Offerings With Acquisition of Pulizzi Engineering", "Eaton To Acquire MGE's Small Systems Business From Schneider Electric", "Eaton completes $11.46B deal for Cooper Industries - Businessweek", "Eaton completes the acquisition of Tripp Lite, expanding Eaton's power quality business in the Americas", "Danfoss Formally Completes US$3.3 Billion Acquisition of Eaton's Hydraulics Business", "Eaton Corporation Relocated World Headquarters to Beachwood; Puts City on Map for Economic Development", "Eaton Names Heath Monesmith President and Chief Operating Officer, Electrical Sector, and Paulo Ruiz Named President and Chief Operating Officer, Industrial Sector, Effective July 5, 2022", "Uday Yadav appointed new CEO of TK Elevator predecessor Peter Walker to retire", "Vindication, at Long Last: Ex-Employer Must Pay Homeless Man $1.25 Million for Racial Harassment", "Company faces serious allegations of racial harassment and retaliation", "Outward v. Eaton Corp. The strengthened Danfoss Power Solutions will have the broadest selection of mobile and industrial hydraulics products and solutions available on the market, with the full line offering including fluid conveyance systems. The cookie is used to store the user consent for the cookies in the category "Other. sold Eaton - Hydraulics Business to Danfoss A/S for $3.3B. ?s proven charger designs, advanced power and billing management software.The motive behind this acquisition is to use power management technologies and services in enhancement of environmental sustainability. Eaton's businesses are divided into the following sectors: The electrical sector's products include circuit breakers, switchgear, busway, UPS systems, power distribution units, panel boards, load centers, motor controls, meters, sensors, relays and inverters. Danfoss Power Solutions and Eaton Hydraulics have merged to better help you reach your full potential, giving you access to the industrys broadest range of mobile and industrial hydraulics and fluid conveyance products and solutions. On June 1, 2021, Eaton acquired Cobham Mission Systems (CMS) for $2.8 billion, net of cash received. Connect and transact with thousands of top North American companies today. Danfoss grows by a third and establishes itself as a global leader in mobile and industrial hydraulics. A total of 9 acquisitions came from private equity firms. See Finally, on January 5, 2022, Eaton purchased Royal Power Solutions for $600 million. A year later, in 1920, Eaton Axle Company merged with Standard Parts. Click to get this free reportEmerson Electric Co. (EMR): Free Stock Analysis ReportRegal Beloit Corporation (RBC): Free Stock Analysis ReportEaton Corporation, PLC (ETN): Free Stock Analysis ReportTesla, Inc. (TSLA): Free Stock Analysis ReportTo read this article on Zacks.com click here. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. This website uses cookies to improve your experience while you navigate through the website. Cobham Mission Systems acquired by Eaton Electrical, Electrum Group Ltd. acquired by Eaton Electrical, E.A. Tripp Lite was an American supplier of power quality products and connectivity solutions, that was acquired by Eaton last year. Two days earlier, Eaton announced that it had inked a deal to buy Chicago-based Tripp Lite a major manufacturer of power management products that include uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures. Acquisitive Electrical Equipment Companies, Recently Acquired Electrical Equipment Companies, Recently Sold Electrical Equipment Companies, M&A research that takes seconds (not all afternoon), Better understand your customers and prospects. By 2020, it's predicted to blast through the roof to $77.6 billion. Gross Revenues is hereby defined to mean any and all gross revenues, without deduction of any costs, fees or expenses whatsoever, that are directly or indirectly attributable to or relate to the Company, the surviving corporation pursuant to the acquisition contemplated herein, their business, and any derivative products or services, and whether such items are earned through the Company, Parent or any of their Affiliates. Danfoss President and CEO Kim Fausing commented on the acquisition: Eric Alstrm, President of Danfoss Power Solutions, said: Paulo Ruiz, the President of the former Eaton hydraulics business, added: Danfoss formally completes US$3.3 billion acquisition of Eatons hydraulics business. The acquisition of Eatons hydraulics business is a vital aspect of Danfoss growth strategy. This will likely encourage Eaton to expand its footprint in the growing EV market space, through the latest buyout of Green Motion. Thomasnet Is A Registered Trademark Of Thomas Publishing Its largest disclosed sale occurred in 2020, when it Within 90 days following the end of each Earnout Period, Parent shall cause the Surviving Corporation to prepare and deliver to the Securityholder Representative a statement of the EBITDA for the Company Business for such prior Earnout Period (each such statement an EBITDA Statement). Privacy Statement and The company's principal address is 978 Rincon Circle . In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Pulizzi Engineering acquired by Eaton Electrical Pulizzi Engineering Eaton Electrical Aug 1, 2007 4. Eaton Electrical purchased the Westinghouse Distribution and Controls Business Unit in 1994 which was one of Eaton's largest acquisitions. Standard Parts went in receivership later the same year and was later liquidated. Last year, it generated $24 billion in global revenues. DUBLIN, Ireland Power management company Eaton announced Friday that it has signed an agreement to acquire Tripp Lite, a supplier of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and enclosures for data centers, industrial, medical, [12] The acquisition included all of the Westinghouse electrical distribution and control product business and also included stipulations that the Westinghouse name cannot be used by anyone else on these types of products for years. This led to numerous suits against Eaton. Zacks->. Eatons hydraulics business will be combined with the Danfoss Power Solutions business segment, adding approximately 10,000 employees worldwide and US$1.8 billion (around 1.5 billion) in 2020 global sales. Zacks Investment Research. The latest Green Motion buyout can also be expected to contribute positively to the top line in the days ahead. View The Latest Edition We will continue our significant investments to stay on the forefront of technology leadership and provide solutions that improve productivity and reduce emissions to meet the requirements of the future., The need for technologically innovative and industry-changing hydraulic solutions is as great as ever. D04 Y0C2 See all his articles and full bio onAllBusiness.com. [17] In late 2007, it acquired the MGE Office Protection Systems division of Schneider Electric, as a result of Schneider's acquisition of APC. The deal, which closed in July 2021, was an extremely rare move for SpaceX. Eaton Corporation ETN announced that it has completed the acquisition of Cobham Mission Systems, a manufacturer of air-to-air refueling systems, which will allow Eaton to further expand the Aerospace business. To read this article on Zacks.com click here. Written by CMS is a leading manufacturer of air-to-air refueling, environmental and actuation systems primarily for the defense markets. Cooper shareholders received $39.15 in cash and 0.77479 of a share in the newly created company for each Cooper share held. Since earnout provisions often lead to disputes, the parties should have a clear mechanism for resolving disputes. Here is sample earnout section to an acquisition agreement, based on EBITDA milestones over three years, with language favorable to the buyer: Earnout Payments. Key products include manual and automated transmissions, clutches,[11] drive-line components, and hybrid power. Eaton Corporation, a multinational power management company with global headquarters in Dublin, Ireland, made five acquisitions in one year. The strengthened Danfoss Power Solutions will have the broadest selection of mobile and industrial hydraulics products and solutions available on the market, with the full line offering including fluid conveyance systems. The provisions of this Section _____ are a material part of this Agreement and a major inducement to the Stockholders agreeing to the Merger.. By 2025, IHS Markit expects global sales to reach12.2 million at a CAGR of 52%. Earnout Payments, or the right to receive Earnout Payments, may not be pledged, assigned or transferred. Eaton Corporation plc ETN recently completed the buyout of Switzerland-based designer and manufacturer of electric vehicle (EV) charging hardware and related software, Green Motion SA. At the announcement of the acquisition, which took place in 2021, Ashraf Yehia, Managing Director at Eaton Middle East, affirmed that "this important acquisition will strengthen our Power Quality portfolio as Tripp . In 1964, the company moved its headquarters into the new Erieview Tower where it remained until 1983. Earnouts often lead to disputes between the seller and buyer as to whether the earnout was in fact earned or whether the buyer improperly prevented the earnout from being maximized. Parent will provide the Stockholders and their accountant with reasonable access to such books, records, work papers (including outside accountants work papers), employees and accountants of Parent and the Surviving Corporation, as the Stockholders may reasonably request in connection with verifying the correct amount of the Earnout Payments that are due and payable. The business has a workforce of approximately 2,000 people and manufacturing. The cookies is used to store the user consent for the cookies in the category "Necessary". It reported revenue of $19.6 billion in 2021 and serves clients in more than 170 countries. In the event they are unable to mutually agree, the arbitrator shall be selected by the procedures prescribed by the JAMS Rules. 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Zacks Equity Research for Even traditional automakers are investing heavily in EVs to adapt to the changes. Any late payments on Earnout Payments owed shall accrue interest at the rate of 1.5% per month until paid. On this Wikipedia the language links are at the top of the page across from the article title. Stay up to date on industry news and trends, product announcements and the latest innovations. In 1911, Joseph O. Eaton, brother-in-law Henning O. Taube and Viggo V. Torbensen, incorporated the Torbensen Gear and Axle Co. in Bloomfield, New Jersey. Founded in 1911, Eaton has been listed on the New York Stock Exchange for nearly a century. In December 2020, Eaton completed the acquisition of Chicago-based Tripp Lite, which is helping the company expand the Power Quality Business in the Americas. [16] Shortly after, it added Pulizzi Engineering Inc., a manufacturer of mission critical power distribution based in Santa Ana, California. HuanYu High Tech has production operations in Wenzhou. But opting out of some of these cookies may affect your browsing experience. Emerson Electric Co. (EMR): Free Stock Analysis Report, Regal Beloit Corporation (RBC): Free Stock Analysis Report, Eaton Corporation, PLC (ETN): Free Stock Analysis Report, Tesla, Inc. (TSLA): Free Stock Analysis Report. Your email address will not be published. Obligations of Parent. Swarm which [] SpaceX's acquisition of Swarm is paying off with new Starlink thrusters All of these benefits will enable Danfoss Power Solutions to become an even stronger technology partner for existing and new customers, plus take the lead in digitalization and electrification. Earnouts are primarily used in connection with acquisitions of privately held companies, although in some rare instances earnouts are incorporated in acquisitions of publicly held companies. It does not store any personal data. Welcome to Thomas Insights every day, we publish the latest news and analysis to keep our readers up to date on whats happening in industry. Cobham Mission which primarily operates in the defense space has operations in the United States and United Kingdom.The acquisition of Cobham Mission Systems comes after the buyout of Souriau-Sunbank. [29] Eaton had failed to insure the plan that the employees had nonetheless paid for. Eaton's hydraulics business will be combined with the Danfoss Power Solutions business segment, doubling the size of Danfoss' hydraulics . Eaton Electrical Feb 1, 2021 2. Buyers view earnouts as providing several benefits. Such actions shall include, but not be limited to, promoting the Companys website and offerings throughout the websites of Parent and its Affiliates and allocating appropriate and sufficient resources to enable the payment of the Earnout Payments. 10+ million models from leading OEMs, compatible with all major CAD software systems. Disability Plan for U.S. Acquisitions made by the company contributed 2% to its total fourth-quarter revenues. This is a great day for Danfoss as we welcome 10,000 new colleagues into the organization and create a global leader in mobile and industrial hydraulics. On February 1, the Dublin, Ireland-based company said that it had reached a deal to buy Cobham Mission Systems a manufacturer of air-to-air refueling systems, environmental systems, and actuation, primarily for defense markets. Danfoss has officially finalized its US$3.3 billion (approximately 3 billion) acquisition of Eatons hydraulics business following confirmation of all necessary regulatory approvals and closing conditions. California Do Not Track Notice. If the Securityholder Representative delivers the EBITDA Objection Notice within such 30-day period, then Parent and the Securityholder Representative shall endeavor in good faith to resolve the objections, for a period not to exceed 30 days from the date of delivery of the EBITDA Objection Notice. In 1914, the company moved to Cleveland, Ohio, to be closer to its core business, the automotive industry. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Finally, on January 5, 2022, Eaton purchased Royal Power Solutions for $600 million. In 2006, Eaton entered the data center power distribution market. ?s Electric delivered a trailing four-quarter earnings surprise of 21.5% and 31.6%, on average, respectively. In 1937, Eaton became international by opening a manufacturing plant in Canada. This is worth $72 per share based on Eaton's closing share price of $42.40 on 18 May 2012, and is 29% above Cooper's closing stock price. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. This cookie is set by GDPR Cookie Consent plugin. Your email address will not be published. In 2020, an employee sued Eaton Corp for retaliation and facilitating a climate of racial harassment. The companys distribution channels have also been significantly boosted, while its local application support and geographical reach have increased considerably. In 1978, our founder discovered the power of earnings estimate revisions to enable profitable investment decisions. Today, you can download 7 Best Stocks for the Next 30 Days. You can see the complete list of today?? Earnout Periods means (i) the period commencing on January 1, ___, and ending on December 31, ___, [and] (ii) the period commencing on January 1, ___, and ending on December 31, ___, and (iii) the period commencing on January 1, ___, and ending on December 31, ___. We will continue our significant investments to stay on the forefront of technology leadership and provide solutions that improve productivity and reduce emissions to meet the requirements of the future., The need for technologically innovative and industry-changing hydraulic solutions is as great as ever. On January 31, 2021, Eaton signed an agreement to acquire Cobham Mission Systems (CMS), a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily. Capping off those announcements, Eaton reported its 2020 fourth-quarter and full-year financial results on February 2. No. Paulo Ruiz named president and chief operating officer, industrial sector. Eaton's operational headquarters are in Beachwood, Ohio and its business headquarters is in Dublin, Ireland. Morgan Stanley (NYSE: MS) and Eaton Vance Corp. (NYSE: EV) announced today that the companies currently expect to complete Morgan Stanley's acquisition of Eaton Vance on March 1, 2021 pursuant to the merger agreement dated as of October 7, 2020 (the "Merger Agreement"). eaton acquisitions 2021. junio 12, 2022. abc news anchors female philadelphia . Here are some of the types of provisions negotiated: The seller will argue that under certain circumstances, the maximum amount of the earnout should be accelerated and paid out early. Eaton's automotive segment produces products such as superchargers, engine valves, valve train components, cylinder heads, locking and limited-slip differentials, heavy-duty drive-line components, fuel, emissions, and safety controls, transmission and engine controls, spoilers, exterior moldings, plastic components, and fluid connectors. In 1923, Eaton bought the Torbensen Axle Co. back from Republic and changed the name to the Eaton Axle and Spring Company. DUBLIN, Ireland Power management company Eaton announced it has completed the acquisition of Tripp Lite. It acquired Aphel Technologies Ltd., a manufacturer of power distribution product for data centers based in Coventry, UK. A better-ranked stock in the same industry is AZZ Inc. AZZ, currently having a Zacks Rank #2 (Buy). 19-3365 | Casetext Search + Citator", "Evans v. Eaton Corporation Long Term Disability Plan, C.A. This cookie is set by GDPR Cookie Consent plugin. Cobham has five business units: Advanced Electronic Solutions, Aviation Services Australia, Aviation Services UK, Communications and Connectivity, and Mission Systems. By using this site, you agree to our, Contracted to Provide Interconnection Equipment to the Pentagon, Tabet Expands in Virginia, Nucor Announces $125 Million Alabama Factory, Semiconductor Maker Announces $880 Million Colorado Expansion, Lockheed Martin Lands U.S. Navy Contract Worth Up to $2 Billion, Kentucky University Launches Manufacturing Engineering Program, Lockheed Martin's Military Jet Is First to Fly Using AI, Ford Is Building a $3.5 Billion EV Battery Plant in Its Home State, Semiconductor Maker Relocates to South Carolina with $440 Million Headquarters, Boeing Reveals Stealthy Tactical Cargo Plane, Auto Supplier Announces $50 Million Expansion in South Carolina, Hundreds of EV Chargers Will Be Future-proofed This Year, GE Appliances Plans $50 Million Facility in South Carolina, How to Recession-proof Your Industrial Career, Startup Raises $17 Million to Make Autonomous Driving Safer, 6 Questions to Ask Before Customizing Your Factory Robots, Quality from the Start: ElectroFin Coatings for Dehumidifier Coils Available at No Additional Cost. Zacks->. Richard D. Harrochis a Managing Director and Global Head of M&A at VantagePoint Capital Partners, a venture capital fund in the San Francisco area. Looking ahead, IHS Markit expects global EV sales to grow at 70% in 2021. This article was originally published onAllBusiness.com. Each Earnout Payment installment shall be comprised of cash assuming 100% or more of the applicable Earnout EBITDA Target is met. It expects 2021 operating. The $13 billion acquisition of Cooper (US$5.4B Sales revenue -2011), became the largest in Eaton's (US$16B Sales Revenue-2011) 101-year history. This is a great day for Danfoss as we welcome 10,000 new colleagues into the organization and create a global leader in mobile and industrial hydraulics. Industrial Growth Partners V, L.P. acquired RPS in 2017. Stockholders approved the change to the company's current name in 1971. Create your Watchlist to save your favorite quotes on Nasdaq.com. The location of the arbitration shall be [city], [state]. Eaton will pay $1.65 billion for Tripp Lite, which was founded in 1922. The acquisition included a wholesale parts distribution business. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. With increasing global warming, companies across the globe are shifting to EV industry to look for sustainable options. Eatons aerospace business contributed 12.5% of total revenues in 2020 and these acquisitions will surely increase the contribution from this segment going forward. The new Danfoss Power Solutions team will create a global leader in mobile and industrial hydraulics, drawing on long legacies of innovation and industry-leading expertise. Eaton Vance shareholders, including those that . You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. ?s 11.5% rally. Mobile hydraulics has been one of Danfoss core and most successful businesses for over 50 years. All of these benefits will enable Danfoss Power Solutions to become an even stronger technology partner for existing and new customers, plus take the lead in digitalization and electrification. The deal is expected to close in the second half of 2021. Introduce tu correo electrnico para suscribirte a Opportimes y recibir avisos de nuevas entradas. An earnout is a contractual mechanism in a merger or acquisition agreement, which provides for contingent additional payments from a buyer of a company to the sellers shareholders. We look forward to welcoming CMS to Eaton.. Eaton also announced it has signed an agreement to acquire Cobham Mission Systems (CMS), a leading manufacturer of air-to-air refueling systems, environmental systems, and actuation primarily for defense markets. Multinational power management corporation Eaton began 2021 by announcing a pair of large acquisitions. Craig Arnold CEO Tripp Lite is a leading provider of power quality products and connectivity solutions including single-phase uninterruptible power supply systems, rack power distribution units, surge protectors, and cabinets for the data center, industrial, medical, industrial, medical and communications markets in America. Image Credit: Kevin Flynn / Cobham Mission Systems, Select From Over 500,000 Industrial Suppliers. Eaton's 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. CMS is a leading manufacturer of air-to-air refueling, environmental and actuation systems primarily for the defense markets. [24] They reincorporated, as a means of reducing their U.S. corporate tax burden, in Ireland as part of the Cooper merger involved establishing a registered head office in Dublin, Ireland but operational headquarters remain in Beachwood. After several years of co-branding UPS products "Eaton|Powerware" the company is switching to the single brand Eaton for all UPS products including; BladeUPS, 9355, 9390, 9395, and 9E. Zacks Equity Research for In its own words, by capitalizing on the global growth trends of electrification and digitalization, the company is accelerating the planets transition to renewable energy, helping to solve the worlds most pressing energy management challenges and doing its best to its interest groups and society as a whole. Eaton spun off its semiconductor manufacturing equipment business as Axcelis Technologies in 2000. Babco Electric Group acquired by Eaton Electrical Babco Electric Group Eaton Electrical The Torbensen Axle Company incorporated in Ohio in 1916, succeeding the New Jersey corporation. Eaton's hydraulics business will be combined with the Danfoss Power Solutions business segment, doubling the size of Danfoss' hydraulics .
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