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Eaton Corporation
From Wikipedia, the free encyclopedia
| 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 grips |
| Revenue |  $12.4 billion USD (2006) |
| Employees | 59,000 |
| 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 2006 sales of $12.4 billion, putting it at 210 on the Fortune 500 for 2006. 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 59,000 employees and sells products to customers in more than 125 countries.
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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 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.
Eaton Corporation is divided in several divisions:
Eaton spun off its semiconductor equipment business as Axcelis in 2000.
These divisions are spread over the world. In 2003 Eaton Electrical (formerly know 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 in a JV with Caterpillar Inc., which followed several years later with the acquisition of Powerware.
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 leading electrical distribution and control products branded "Eaton" or "Cutler-Hammer" which can replace Westinghouse products in commercial and industrial applications.
The Los Angeles Aerospace 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.
On June 22, 2006, Eaton announced a tentative decision to close its fluid power division hydraulics plant in Hutchinson, Kansas [7]
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. [8] [9] [10]
The History of Eaton Corporation 1911-1985
Securities and Exchange Commission