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Global headquarters: Eaton House, 30 Pembroke Road
Dublin 4, Ireland
North American headquarters: 1000 Eaton Boulevard
Cleveland, OH 44122
CEO: Alexander Cutler
Stock Symbol: ETN
Eaton is a power management company that provides energy-efficient solutions that help customers effectively manage electrical, hydraulic and mechanical power more efficiently, safely and sustainably. The company has customers in 175 countries.
The company serves a broad range of markets from: commercial and military aviation; aerospace; military weapons; heavy-, medium- and light-duty trucks; industrial machinery; marine; off-highway and agricultural equipment; passenger cars; and residential, commercial and industrial buildings.
Electrical circuit breakers; vacuum breakers; power distribution assemblies; contactors and motor starters, operator interface hardware; engineering systems and diagnostic and support services; metering systems; power management software; surge protection devices; and uninterruptible power systems.
Eaton is recognized as a worldwide leader in the design, manufacture and marketing of reliable, high-efficiency hydraulic systems and components for use in mobile and industrial applications. The Hydraulics group also includes Eaton's Filtration, Golf Grip and Airflex industrial clutch and brake businesses.
Eaton's aerospace business is one of the industry's leading designers, manufacturers and integrators of advanced hydraulic systems, fuel systems, motion control systems, propulsion sub-systems and cockpit interface and circuit protection applications for commercial and military programs.
Manual and automated truck transmissions and clutches; hybrid powertrain systems; drivetrain, suspension, wheel-end and safety systems; anti-lock braking and traction control systems; and vehicle diagnostics. Air, transmission, and fuel management controls; automotive fluid connectors, engine air management systems, including superchargers, cylinder head modules, engine valves and lifters; and limited-slip and locking differentials.
In 2015, the company reported sales of $20.9 billion and net income of $1.06 billion.
“We took significant employee reduction actions in 2008 in anticipation of the severe downturn, and in January we have taken further actions,” said CEO Alexander Cutler. “The continued decline in our end markets in early 2009 unfortunately necessitated that we reduce our workforce even further than we originally anticipated. The employee reductions in 2008 and 2009 total about 10 percent of our full-time workforce."
Eaton has cut 3,400 jobs in 2008 and expects to make several thousand more cuts in 2009.
1911 - J. O. Eaton, brother-in-law Henning O. Taube and V. V. Torbensen incorporated the Torbensen Gear and Axle Co. in Bloomfield, NJ. The company built 7 axles by hand in 1911. Just 6 years later, axle production soared to 33,000.
1914 - Torbensen Gear and Axle moved to Cleveland on the advice of Edith Eaton, J.O. Eaton's wife.
1917 - Torbensen Axle Co. was sold to Republic Motor Truck Co., the nation's largest truck manufacturer and Torbensen's biggest customer.
1922 - J. O. Eaton bought back his original company, Torbensen Axle Co., from Republic Motor Truck Co.
1923 - Company changed name to The Eaton Axle and Spring Co.
1923 - J. O. Eaton bought The Eaton Axle Co. plant at 140th Street in Cleveland, The Perfection Spring Co. (chassis leaf springs) and other properties from the receiver of Standard Parts Company.
1963 - Acquired Yale & Towne Manufacturing Co. (locks and hardware, and materials handling equipment) and Dole Valve Co. (appliance and automotive valves).
1966 - Company changed corporate name to Eaton Yale & Towne Inc., reflecting the 1963 merger with Yale & Towne, Inc.
1971 - Stockholders approved change in company name to Eaton Corporation.
1978 - Acquired Cutler-Hammer Inc. (industrial control and power distribution, aircraft, commercial, appliance and semiconductor) for nearly $400 million.
1981 - Eaton's defense business got a big push when the company was chosen as one of four prime contractors for the B-1B, supplying electronic countermeasures system.
2001 - Eaton selected by Lockheed Martin to provide the primary fluid power system for the Joint Strike Fighter (JSF) program; award is expected to generate nearly $1 billion for Eaton over the life of the contract.
2012 - Eaton acquired Cooper Industries plc
Eaton offers a competitive rewards package in all of its markets, including benefit plans and programs that integrate with governmental and social programs available to employees and their families. While the programs vary from market to market, these integrated programs support Eaton employees now, and as they plan for their futures.
Updated February 7, 2016