Energy giant Eaton mulls Israel R&D center, investments

Eaton Photo: Shutterstock

The US energy management technology company has also set up an Israeli subsidiary for sales, which will have dozens of employees.

US energy management technology giant Eaton has founded a subsidiary in Israel in which it has invested tens of millions of shekels. The company is considering investments in energy technology companies in Israel and the possibility of building an Israeli R&D center, sources inform "Globes."

At this stage, Eaton will market products and services to Israeli customers, after previously using local distributors. The company will operate at two sites: a sales, marketing, and support center in Ra'anana and a logistics and distribution center in Ashdod. Eaton Israel country director Itai Zifroni says that the company will employ dozens of workers in Israel, and hiring them will continue until the end of the year. He adds that the company expects to double its sales in Israel in the next three years and is aiming at the industrial and high-tech markets, government and military projects, and infrastructure projects.

Eaton, a global energy management company, supplies products and information systems for managing various aspects of energy consumption, energy storage, energy management in smart enterprises, and safety and life-saving solutions, such as fire and smoke monitoring. The company has 96,000 employees worldwide and markets its wares in 175 countries. Its sales totaled $20.4 billion in 2017.

Eaton Electrical EMEA VP Marketing Cyrille Brisson told "Globes" that the Israeli market was not a small one for Eaton, and that the fact that it was awakening late to join the global environmentally friendly energy revolution was in its favor, because the market was learning from the experience accumulated around the world and taking advantage of declining costs for producing sustainable energy. "The decision to invest in expanding our presence in Israel comes after five years of activity in the local market. We have reached a point at which it is necessary to expand the supply of goods and services in order to continue growing. As a focus of global innovation, Israel is known as an early adopter of advanced technology. It is the right place to make a strategic investment."

Published by Globes [online], Israel business news - www.globes-online.com - on June 4, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Eaton Photo: Shutterstock
Eaton Photo: Shutterstock
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