Eaton Corporation

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Eaton Corporation
Type Public
Founded 1911
Headquarters Cleveland, Ohio
Key people Alexander M. Cutler, Chairman, President & CEO
Industry Components
Products Transmissions
Circuit Breakers
Fluid Power Components
Golf Pride Grips
Revenue ▲$13.0 billion USD (2007)
Employees 79,000
Website www.eaton.com
This article is about an industrial manufacturer. For other meanings see Eaton.

Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2007 sales of $13.0 billion, putting it at 198 on the Fortune 500 for 2007. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 79,000 employees and sells products to customers in more than 150 countries.

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[edit] History

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. With financial backing from his mother, the company was set to manufacture Torbensen's patented internal-gear truck axle. In 1914, the company moved to Cleveland, Ohio, to be closer to its core business, the automotive industry.

In 1916, The Torbensen Axle Company was incorporated in Ohio, succeeding the New Jersey Corporation. A year later, Republic Truck Company, Torbensen's largest customer, bought out the company. But, Eaton and Torbensen were not content and bowed out of Republic to form the Eaton Axle Company in 1919. A year later, in 1920, Eaton Axle Company merged with Standard Parts. Standard Parts went in receivership later the same year and was later liquidated. In 1923, Eaton bought the Torbensen Axle Co. back from Republic and changed the name to The Eaton Axle and Spring Company.

Eaton believed the quickest way to grow the business was through acquisitions and began buying companies in the automotive industry, By 1932, the diversified company changed its name to Eaton Manufacturing Company. In 1937, Eaton went international with a manufacturing plant in Canada. The company name changed once again in 1966 to Eaton Yale & Towne, Inc. after the acquisition of Yale & Towne Manufacturing Co. in 1963. Stockholders approved the change to the company's current name in 1971. Eaton Corp. continues its founder's philosophy of growth through acquisition along with divesting businesses that no longer fit the corporate vision.

Eaton Corporation is based in the Eaton Center, its 28-story office tower in downtown Cleveland. Eaton from 1920s-1964 was based on East 152nd Street. In 1964, Eaton moved its headquarters into the new Erieview Tower from 1964-1984. In 1983, Eaton Corporation moved into its new tower.

[edit] Current Work

Eaton Corporation is divided into 4 groups:

Eaton spun off its semiconductor manufacturing equipment business as Axcelis Technologies in 2000.

These divisions are spread over the world. In 2003 Eaton Electrical (formerly known as Cutler-Hammer) acquired the European Delta PLC's electrical division [1] (which held the following brands: HOLEC[2], M E M[3], TABULA[4], BILL[5], ELEK[6] and Westinghouse*) to get a hold of the IEC standards, one of the steps to get Global and grow more into a worldwide standard.

Not too long after that acquisition Eaton agreed to a JV with Caterpillar Inc. and purchased more than half of I & S operations (now known as Intelligent switchgear organization, LLC.), which followed several years later with the acquisition of Powerware.

In 2007 Eaton entered the data center power distribution market, releasing a line of power distribution under their Powerware brand called ePDU. They acquired Aphel Technologies Ltd., Coventry UK based manufacturer of power distribution product for data centers. Shortly after Pulizzi Engineering Inc., Santa Ana CA based manufacturer of mission critical power distribution was acquired. In late 2007 they acquired the MGE Office Protection Systems division from Sneider Electric. A Tiawanese manufacturer, [Pheonix Tec], was also acquired giving the company the highest share in the Chinese single phase UPS market.

The Westinghouse Distribution and Controls Business Unit was acquired by Eaton Electrical in 1994. 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. Today, Eaton Electrical manufactures electrical distribution and control products branded "Eaton" or "Cutler-Hammer" which can replace Westinghouse products in commercial and industrial applications.

Eaton's hybrid electric powertrains combines a diesel engine and electric motor to drive the vehicle. [7]

Eaton's Golf Pride brand grips are the #1 choice on the PGA Tour, and the top selling golf grip worldwide. More than 80% of touring pros use Golf Pride grips, although not a single player is paid to do so.

[edit] Environmental Record

Eaton was selected in 2008 as a recipient of the CALSTART Blue Sky Award with environmental recognition for their green transportation investments, products and actions. The award was directed towards their efforts for pioneering heavy duty hybrid drive technology for trucks. The annual awards recognize outstanding marketplace contributions to clean air, energy efficiency and to the clean transportation industry overall by companies, organizations and individuals.[8]

Operations of the Company involve the use and disposal of certain substances regulated under environmental protection laws. Eaton continues to modify certain processes on an ongoing, regular basis in order to reduce the impact on the environment, including the reduction or elimination of certain chemicals used in, and wastes generated from, operations.[9]

Eaton has set standards for themselves in the category of environmental protection. They have vowed to reduce their own greenhouse gas emissions by 18 percent by 2012. In 2006, Eaton joined the Green Suppliers Network, a public-private partnership with the EPA and U.S. Department of Commerce, through which we help small and medium-sized suppliers who serve our businesses to develop "lean and clean" manufacturing processes.[10]

[edit] Locations

The Los Angeles Aerospace Operations, part of the Fluid Power division, is mainly focused on manufacturing hydraulic pressure valves. Eaton supplies valves to all types of aircraft, ranging from military to commercial. Recently, Eaton qualified to manufacture the Airbus A380 actuation valves, which signifies trust within its supplier-customer network.


[edit] Layoff News

On June 22, 2006, Eaton announced a tentative decision to close its fluid power division hydraulics plant in Hutchinson, Kansas [11]

On August 22, 2006, Eaton announced they would keep the Hutchinson plant open pending a $1 million promised economic incentive from the City of Hutchinson and a likely $2 million incentive from the State of Kansas. 155 assembly jobs will be moved to the Reynosa, Mexico plant by June, 2007. [12] [13] [14]

[edit] References

  1. ^ Electrical Wholesaling Web - Eaton Buys Delta
  2. ^ Eaton Holec Online
  3. ^ Eaton MEM Online
  4. ^ Eaton HOLEC Sweden
  5. ^ Eaton Bill Switchgear
  6. ^ Eaton Denmark
  7. ^ About FedEx | The Environment | Hybrid Electric Vehicle
  8. ^ CALSTART Blue Sky Award™ Winners Announced (released 5 May 2008) retrieved 16 May 2008
  9. ^ [1] Retrieved 16 May 2008
  10. ^ ENVIRONMENT, HEALTH & SAFETY retrieved 16 May 2008
  11. ^ Hutchinson News - Eaton Closes Plant
  12. ^ KNS TV News
  13. ^ DFW Business
  14. ^ Hutchinson News Eaton Sep 6, 2006

The History of Eaton Corporation 1911-1985
Securities and Exchange Commission

[edit] External links