Eaton Celebrates 100-year Heritage of Innovation; Power Management Leader Rings the Opening Bell at the New York Stock Exchange

When diversified industrial manufacturer Eaton Corporation (NYSE:ETN) rang the Opening Bell on October 21 at the New York Stock Exchange, it dramatized the company’s beginnings with the rugged roads of 1911, growth through major inroads in the industrial and electrical markets and increasing opportunities today through very different kinds of superhighways and the global challenges in managing power.

On this date one hundred years ago, inventor Viggo Torbensen and entrepreneur Joseph Eaton founded the company that would become Eaton Corporation. 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 coworkers, 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.

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.

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.”

Eaton India celebrates the commitment to sustainability
To commemorate the centenary celebrations, Eaton in India ran a month-long radio campaign titled ‘Greener Tomorrow’. The campaign was launched on September 27 and is scheduled to end on October 26, 2011. Through this campaign, Eaton not only aimed at educating the listeners about facts and concerns on the environment via various campaign elements such as the ‘Did you know?’ series and the ‘Green Tips’, but it also provided a platform for responsible citizens to come together and explore a sustainable future.

A reiteration of Eaton’s profound commitment to sustainability and environmental stewardship, the campaign celebrated the company’s heritage and culture of protecting the environment and contributing towards building stronger communities. ‘Greener Tomorrow’ campaign through a ‘share your green ideas’ contest also strived to promote this culture of responsibility that encourages every individual to ask the questions that lead to more sustainable practices, and help mankind support a sustainable future.

Speaking about the ‘Greener Tomorrow’ campaign, Raja Kochar, managing director – India, Eaton Corporation commented, “At Eaton, sustainability and environmental stewardship is not just a standalone program or initiative. It’s how we do business – and it is an increasing part of our business success. As a global technology leader and a responsible corporate committed to sustainability, this campaign is an expression of our strong resolve to spread awareness on sustainability and green practices, and get people from all walks of life engaged by enabling them to share and promote their individual green actions.”

Eaton Corporation is a diversified power management company with 2010 sales of $13.7 billion. Celebrating its 100th anniversary in 2011, Eaton is a global technology leader in electrical components and systems for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 73,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com.

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This release was published on openPR.