 One hundred years
ago on Oct. 21, inventor Viggo Torbensen and
entrepreneur Joseph Eaton founded the company that would become
Eaton Corp. Combining their ingenuity, Torbensen and Eaton developed
an axle that enabled trucks to endure the rugged roads of the early
20th century, consume less fuel and demand less maintenance.Based
in Cleveland since 1915, Eaton was first listed on the NYSE in 1923.
The company has paid dividends on common shares every year since its
initial listing.
"Around the globe, Eaton employees are celebrating our hundredth
year with co-workers, customers and in the communities where we work
and live," said Alexander M. Cutler, chairman and chief executive
officer. "We are proud of our past, but inspired by the future as we
continue to find new and inventive ways to address some of the
world's toughest power management challenges."
Over the years, Eaton has evolved into a diversified power
management company. "Our more than 73,000 employees worldwide are
combining their expertise and ingenuity to solve one of our era's
greatest challenges -- delivering more power to help the world grow
without consuming more of the world's resources," said Cutler.
At Eaton, power management takes many forms, from improving the
energy efficiency of buildings, planes and vehicles to helping
massive machines leave a more minuscule footprint on our planet.
Eaton's innovative technologies help its customers manage
electrical, hydraulic and mechanical power safely and efficiently,
while helping to control their costs and reduce their carbon
footprint.
"Like our founders, we know that you can't achieve progress by
standing still," said Cutler. "Every day the people of Eaton Corp.
are helping to provide safe, efficient and sustainable power
management solutions to our customers around the world."
Earlier this year, Eaton released a book, "Powering Business: The
First 100 Years of Eaton Corporation," by author Jeffrey Rodengen.
The book outlines Eaton's ascent to a global leader in power
management solutions. Available at Amazon.com, the book chronicles
Eaton's transformation and expansion from a vehicle component
supplier to a leading power management provider to the electrical,
aerospace and hydraulics markets as well.
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Reporting on Eaton's growth and diversification, the book notes:
"Beginning the 1960s, Eaton began acquiring companies with a global
reach in an effort to build its international reputation." It adds:
"Eaton's acquisition skills have only improved over time, as
evidenced by later acquisitions in the 21st century such as the
Westinghouse Distribution and Control Business Unit, Moeller and
Phoenixtec," all in the electrical business. Eaton also added
Aeroquip-Vickers, a major manufacturer of hoses, couplings and
industrial hydraulics, and in the aerospace business acquired the
fluid and air division of Cobham plc., the aerospace division of
PerkinElmer Inc., and Argo-Tech.
Eaton has expanded its global footprint with more than 55 percent
of its sales outside the United States. The book says Eaton
recognized that increasing the speed of decision-making and
remaining agile would "empower local management so they could make
rapid business decisions that would allow them to respond to their
customers quickly and efficiently."
As Eaton enters its new century, Cutler is quoted looking ahead:
"The strategy is working, our momentum and the demand for our
products are strong, and our global team is aligned, focused and
excited about our company's future."
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Online: http://www.eaton.com/
[Text from
Business Wire file received]
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