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Headquarters:
1111 Superior Avenue
Cleveland, OH 44114
Employees: 79,000
CEO: Alexander Cutler
Stock Symbol: ETN
Website:
http://www.eaton.com
Career
Site
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.
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.
Eaton has 79,000 employees and sells products
to customers in more than 125 countries.
Eaton Corporation is structured according
to its four main business segments: 1) Fluid Power; 2) Electrical;
3) Automotive; 4) Truck.
In 2007, the company reported record revenues
of $13 billion and net income of $994 million.
History
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.
Benefits
Eligible employees can tailor a program
that meets their changing needs and lifestyle from an assortment
of healthcare and income - protection plans available in the
Eaton Flexible Benefits package.
Medical - Eaton offers Preferred Provider Organization
(PPO), Indemnity and Health Maintenance Organization (HMO) plans,
depending on location. Most of the cost of this coverage is paid
by Eaton.
Dental - Coverage includes benefits for most dental expenses,
including regular exams and orthodontia. Most of the cost of
this coverage is paid by Eaton.
Vision - This optional, employee-paid coverage contributes
toward the cost of annual eye exams, glasses and contact lenses.
Life and AD&D Insurance - Eaton pays the cost of life
insurance to cover an amount equal to the employee's annual base
pay. Seven additional optional coverage levels are also available.
Accidental death and dismemberment insurance (AD&D) is paid
by Eaton to cover up to two times annual base pay, with additional
coverage options available. Optional employee-paid coverage is
available to insure an employee's spouse and dependent children.
Disability - Eligible employees continue to receive a
portion of their pay if they cannot work due to illness or injury.
The Short-Term Disability Plan (STD) covers up to six months
of disability. Long-Term Disability Plan (LTD) benefit payments
begin after six months of continuous disability. Eaton covers
the cost of LTD coverage equal to 55% of annual base pay. Additional
employee-paid LTD coverage options are also available.
Flexible Spending Accounts The Eaton Flexible
Benefit accounts allow employees to pay for certain out-of-pocket
healthcare and dependent care expenses with before-tax dollars.
Total Retirement Resources The Power to Save, the Power
to Build, the Power to Choose - Eaton's Total Retirement
Resources package lets employees save and invest for their futures,
build retirement income in savings and pension plans, and choose
the investment options and benefit payment options that are right
for them.
The Eaton Personal Pension Account - Eligible employees are automatically enrolled
in this account-based pension plan. Each month, accounts
accumulate "pay-based credits" of 5% to 8% of eligible
pay, depending on an employee's age and years of service. In
addition, accounts earn monthly interest credits. The benefit
is "portable," meaning employees can take their vested
benefit when they leave Eaton, even if they leave before retirement.
Or, they can leave the account where it is and let it earn interest
until they're ready to draw retirement benefits. Eaton generally
pays the full cost of this plan, and bears the investment risk.
Fidelity Investments serves as the administrator for the plan,
providing personal account information and retirement planning
resources online or by phone.
Other Eaton Pension Plans Employees not eligible
for the Eaton Personal Pension Account may be eligible to participate
in other Eaton pension plans, depending on employment status
and location.
The Eaton Savings Plan (ESP) and Eaton Personal Investment
Plan (EPIP) - These savings plans allow employees to build
personal portfolios that fit their needs while saving on a before-tax
and/or after-tax basis. Over 100 investment funds are available
in both the ESP and EPIP plans. In the ESP, Eaton contributes
a company match of 100% on up to the first 3% of employee contributions,
and matches 50% on the next 2% of employee contributions. Fidelity
Investments serves as the administrator for the plans, providing
investment education and retirement planning resources in addition
to daily transaction processing online or by phone.
Employee Assistance Program (EAP) - Eaton pays the full cost for this program, which
includes confidential services for employees and their dependents
who need personal counseling, child and elder care information,
and legal and financial services.
Wellness Programs and Concierge Services - Work/Life Solutions
also offers wellness programs and "concierge" services,
such as restaurant listings, travel arrangements, home maintenance
providers and tickets for special events.
Other benefits include:
- Adoption Benefits
- Holidays
- Leaves of Absence
- Paid Vacation
- Tuition Reimbursement
Updated April 26, 2008
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