Eaton to supply CH-53K helicopter cockpit control panels, dimming controllers

Engineers at Sikorsky Aircraft Corp., a United Technologies company in Irvine, Calif., needed lighted control panels and dimming controllers for its CH-53K military heavy-lift helicopter under development for the U.S. Marine Corps.

They found what they needed at Eaton Corp., a Cleveland-based designer and manufacturer of electrical systems and components for aircraft, industrial, and mobile equipment.

Eaton Corp. won a contract from Sikorsky to design, develop, and supply the helicopter control panels and controllers. Eaton also holds a contract for the helicopter’s hydraulic power generation system, integrated fuel system, and fluid conveyance package.

According to the contract, Eaton personnel will provide the lighted control-panel support hardware for five helicopter ship sets, as well as system development test sets, during the development phase of the program. The development phase runs through 2014.

Sikorsky staff anticipates the production of more than 156 helicopters for the U.S. Marine Corps. Sikorsky holds a contract valued at approximately $20 million and, when combined with anticipated foreign military sales, is expected to exceed $26 million over the approximate 12-year life of the program.

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Eaton Vance Declares Quarterly Dividend

The Board of Directors of Eaton Vance Corp. today declared a quarterly dividend of $0.16 per share on its common stock. The dividend is payable May 10, 2010 to shareholders of record on April 30, 2010.

Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $173.1 billion in assets as of March 31, 2010, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors.

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Eaton Corp. shares rendering of planned Beachwood headquarters with workers

Eaton Corp. shared a rendering of its planned Beachwood headquarters with its employees today, giving a first glimpse of the 470,000-square-foot structure that the company says it will begin building in early 2011.

Appearing to be mostly glass from the outside, the $170 million, semi-circular headquarters will cradle a lake and will be surrounded by walking paths on its 53-acre site, which is the highest point in Cuyahoga County. The development includes a 220,000-square-foot parking garage for Eaton employees. Executives in the highest of the building's 10 floors are to have views of downtown Cleveland and Lake Erie.

In an e-mail to Crain's, Eaton spokeswoman Kelly Jasko said the company plans to move about 700 of its local employees, including those now housed at Eaton Center in downtown Cleveland, to the new building in late 2012.

Site preparation and infrastructure work should begin this summer, the company reported.

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Eaton’s Cutler Says U.S. Doesn’t Need Another Stimulus Package

Eaton Corp., the maker of hydraulics and automotive valves, said the U.S. government doesn’t need another economic-stimulus plan even as his company expects about $1 billion in related funding.

“From a pure economic view, do you need another stimulus plan? Probably not,” Chief Executive Officer Sandy Cutler said in an interview from company headquarters in Cleveland. “Every economy goes through three phases -- there’s an early phase, a mid phase and a late phase -- and that won’t be changed by a stimulus program. Part of what we are seeing now is the early- cycle businesses are recovering.”

Eaton, which also makes power meters and lighting controls, has forecast it will capture $500 million in stimulus funds this year and another $500 million in 2011. The company “immediately” began seeking opportunities to benefit from spending in the $787 billion package that passed last year while Congress was debating the legislation, Cutler said.

The company pursued projects such as rebuilding housing on U.S. military bases and improving efficiency in federal buildings.

“Buried within the stimulus packages are very specific programs that have a pretty good mapping to Eaton’s electrical businesses,” said Eli Lustgarten, an analyst with Longbow Securities in Independence, Ohio. Lustgarten recommends buying Eaton’s shares.

The U.S. should ease away from monetary and fiscal measures that have kept interest rates low and bring them back to about 3 percent, Cutler said in the Feb. 10 interview. Providing research and development credits and making more loans available to small businesses would remedy an underemployment rate of about 17 percent, he said.

Small Businesses

“When the economy starts to move up, that’s normally when your small business goes bankrupt,” said Cutler, 58. “They’ve lived off of their working capital for a year and now when they start to get their first orders in, they place the order, they go to their bank, they can’t get the loan.”

Cutler joined Eaton in 1979 and has served as CEO since 2000. He reduced the company’s reliance on truck and automotive markets to about a quarter of revenue from almost 40 percent of sales in 2004. The company has a larger presence in housing, non-residential construction and aerospace and expanded its international business to more than half of revenue from about 35 percent in 2004.

Net income last year dropped 64 percent to $383 million and sales declined 23 percent as the global recession reduced demand. The company trimmed the workforce by about 17 percent since 2008 to about 70,000 and last year imposed one week of unpaid furlough per worker each quarter. Eaton forecasts 2010 sales increasing about 11 percent, driven by higher demand, a gain in market share and favorable foreign exchange rates.

Auto Demand

The company is seeing demand increase in its auto and trucks unit as is typical early in an economic cycle, Cutler said. The global recovery will be a more muted rebound with higher-than- normal growth from underdeveloped countries, he said.

“I think 2010 in many ways is a transitional year,” Cutler said. “And I think that’s the way one has to think about it in terms of an economic recovery, because many end-markets won’t return to their 2007-2008 time period until we get out into the 2011 and 2012 time period.”

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Federal Money For Eaton Corp In Galesburg

You think you have problems filling the tank of that battle-wagon you are driving, imagine how the Pentagon feels. They have real tanks. For them, a Hummer is a compact.

That’s why Congressman Fred Upton delivered 2-milion dollars in defense funding to Eaton Corporation at their Research Center in Galesburg this week, to convert digital hydraulic hybrid drive systems, being developed for heavy trucks for military use, greatly improving their MPG.

He says the funding came from the defense spending bill. Reducing the weight of the drive system can mean more range on the battlefield or allow the vehicles to carry more armor and save lives.

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Eaton gets funding for hybrid vehicles

Eaton Corp. is getting $2 million from the Department of Defense to help develop hybrid vehicles for the U.S. military.

U.S. Rep. Fred Upton, R-St. Joseph, announced the funding Monday while visiting the headquarters of Eaton's Vehicle Group in Galesburg.

Upton said the military is interested in hybrid technology because it saves on fuel costs and could increase safety by making vehicles lighter.

"As taxpayers, we want the most fuel-efficient vehicles for our troops," Upton said.

The Galesburg site houses about 600 Eaton employees. The military project could lead to commercial applications of the hybrid technology, which could spark more hiring at Eaton.

"It's not only advancing the technology, but it's jobs here in Michigan," Upton said.

Eaton recently announced it was partnering with Western Michigan University to jointly staff a testing lab for commercial and military hybrid systems and components. The lab will be located in Kalamazoo at the university's Center for Advanced Vehicle Design and Simulation.

Eaton is hiring 10 engineers who will work at the lab alongside students.

While at Eaton, Upton said he expected federal energy legislation to lack enough support to pass the Senate.

Upton opposed the cap-and-trade plan when it was in the U.S. House. He said Monday the legislation could mean Midwest residents would see their utility bills rise as much as 40 percent over the next decade.

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Eaton Corp. 4th-quarter net up 28%, sales off 10%

Eaton Corp., the Cleveland manufacturer with interests including electrical parts, hydraulic systems, and vehicle power trains, reported fourth-quarter net income rose 28% on 10% lower sales. Earnings reached $212 million from $165 million in the year-earlier period. Earnings attributable to holders reached $211 million, or $1.25 a share, from $163 million, or 98 cents, in the year-earlier period. Sales fell to $3.13 billion from $3.49 billion. A survey of analysts by FactSet Research produced a consensus estimate of $1.23 a share of profit on $3.05 billion of sales.

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U.S. Department of Energy Selects Eaton and HP to Improve Energy Efficiency in IT Systems; Stimulus Grant to Fund Program

Diversified industrial manufacturer Eaton Corporation today announced it is collaborating with HP on a federally funded project to improve energy efficiency in information technology (IT) systems. Among the 14 projects chosen by the U.S. Department of Energy, the joint proposal from Eaton and HP was selected as the third-largest grant recipient at $7.4 million.

The joint project from Eaton and HP will develop a fully enclosed IT rack system that provides its own internal power and cooling. High voltage and chilled water will act as the primary inputs to the system and it will also accept alternative energy power sources, such as wind and solar power. A major benefit of this system is a 38 percent reduction in energy use to support a 100 kilowatt (kW) IT load, which equals a reduction in carbon dioxide emissions by approximately 400 tons annually.

“Eaton is at the forefront of the development of solutions that make our information technology infrastructure more reliable, more sustainable and cost effective,” said Thomas S. Gross, vice chairman and chief operating officer, Eaton’s Electrical Sector. “As a global leader in power management, we are well-positioned to work with government and the private sector to maximize the long-term benefits of initiatives like this.”

"HP and Eaton are working to introduce new technologies that will help businesses reduce power consumption by as much as 40 percent, lower costs and extend the life of data centers, decreasing the need for new facilities," said Doug Oathout, vice president of Converged Infrastructure, HP. "With this grant, Eaton and HP’s combined expertise will enable us to create an innovative technology solution that increases energy efficiency and meets government mandates to reduce carbon emissions while diminishing the need to build new power plants to support data centers."

On January 6, 2010, Energy Secretary Steven Chu announced the U.S. Department of Energy initiative, which includes $47 million for projects across the country to support the development of new technologies that improve energy efficiency in the IT and communication technology sectors. The American Recovery and Reinvestment Act (ARRA), also known as the Stimulus Program, will fund the research for development and demonstration projects in three subject areas: equipment and software, power supply chain and cooling. The energy efficiency projects will reduce energy use and carbon pollution, while helping to develop a strong, competitive domestic industry.

More information about Eaton’s involvement in a wide range of initiatives related to the ARRA is available at http://www.eaton.com/recovery.

Eaton’s electrical business is a global leader in power distribution, power quality, control and industrial automation products and services. Eaton’s global electrical product lines, including Cutler-Hammer^®, Moeller^®, Powerware^®,Holec^®, MEM^®, Santak^® and MGE Office Protection Systems^™ provide customer-driven PowerChain Management^® solutions to serve the power system needs of the data center, industrial, institutional, government, utility, commercial, residential and OEM markets worldwide.

Eaton Corporation is a diversified power management company with 2008 sales of $15.4 billion. 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 70,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com.

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Eaton expects to reap about $1 billion from stimulus contracts

Eaton Corp. expects to reap roughly $1 billion in American Recovery and Reinvestment Act contracts by the end of 2011, though the Cleveland-based company says those contracts won't necessarily translate into more local jobs.

Eaton, which employs roughly 70,000 people worldwide, got $100 million in federal stimulus contracts through the third quarter of 2009, according to Thomas S. Gross, vice-chairman and chief operating officer - Electrical Sector.

Gross said the company expects the amount will rise to about $500 million by the end of this year, and total roughly $1 billion next year. He anticipates much of federal money will go toward projects like hybrid electric vehicles, advanced lighting controls and demonstration projects to improve the electrical power grid.

"We are involved in so many technologies the government is interested in," Gross said after a Tuesday morning event at the National Press Club where representatives from industry, academia and the federal government said the three sectors need to collaborate on a comprehensive strategy to reduce nationwide energy use.

University of Pittsburgh engineering professor Gregory Reed said that nationwide strategy should involve everything from renewable energy to eco-friendly building design to smart grids.

"There is no single silver bullet technology," said Richard Kidd, program manager of the U.S. Department of Energy's federal energy management program.

Eaton Corp. spokesman Gary Klasen said the company has shed 15 percent of its workforce in the past 18 months, and it's hard to say whether the expected federal stimulus dollars will result in new jobs. He said the company has bid on many contracts, and any job possibilities would depend on what it ends up winning.

"We believe we have the people in position to be able to handle that work as we move forward," said Klasen.

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Eaton Responds to Haiti's Catastrophe with Donation of More Than $100,000

To support the humanitarian efforts underway in the Republic of Haiti following the devastating earthquake on January 12, diversified industrial manufacturer Eaton Corporation has pledged $100,000 to the American Red Cross International Disaster Relief Fund. This fund provides immediate and long-term relief through supplies and technical assistance.

In addition, Eaton will match employees' donations to the United Way Worldwide Disaster Relief Fund, which resources long-term recovery efforts to rebuild lives and infrastructure. The fund also addresses educational, financial, and health-related challenges.

"It is our hope that these donations will help in easing the pain and suffering resulting from the tragic events in Haiti," said William B. Doggett, senior vice president -- public and community affairs. "We are proud to step-up to help those in need and to support the very important relief efforts that are currently ongoing to help the citizens of Haiti."

Since 2005, Eaton employees around the world have helped address urgent global needs by donating nearly $400,000 to recent catastrophic events including tsunamis, hurricanes, earthquakes, and typhoons. With the company's donation-matching program, these efforts have contributed nearly $800,000 to critical relief efforts.

In 2008, the Eaton Charitable Fund donated almost $8 million to various charitable organizations worldwide, an increase of 14 percent over 2007. Eaton's World Headquarters is located in Cleveland. Approximately 1,700 employees work in Cleveland and the surrounding areas.

More information on the American Red Cross International Disaster Relief Fund is available at www.redcross.org.

More information on the United Way Worldwide Disaster Relief Fund is available at https://volunteer.united-e-way.org/uwwwdisaster/donate/.

Eaton Corporation is a diversified power management company with 2008 sales of $15.4 billion. 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 70,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com.

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Eaton Corp. employees collect $1,200 worth of food for food banks

During the December Christmas Season the 36 Sales and Engineering Services employees of Eaton collected over $1,200 worth of food and paper goods in their SouthPark Circle, Littleton office for a local food bank. Enough to fill a pickup truck.

Eaton Corporation is a multifaceted global technology leader in electrical and hydraulics components, aerospace fuel, hydraulics and pneumatic systems for commercial and military use; together with truck and automotive drive train systems.

On the Friday before Christmas, they loaded the truck and drove it to South Fellowship on South Broadway in Littleton where managers Sam Shortino and Keith Negri unloaded the truck and filled the rear hall of South Fellowship Church.

Senior Pastor Brad Strait said the food items would be especially helpful to over 160 families in the Littleton area living from paycheck to paycheck during the hard times they are presently facing the next few months. These families stretch every cent to its limit and some might have gone hungry except for the generous spirit of those willing to share with those in need. Now these families can sit down to a warm meal and enjoy the season of giving and sharing that comes during Christmas time.

The South Fellowship King's Pantry Food Bank offers food each Saturday to those Littleton area families in need regardless of their situation, background, or faith without any strings attached. This helps those families in need have a few dollars left over to put toward other necessities such as rent and utilities ... or maybe a little toy.

The season of sharing is a beautiful happening. "God bless us everyone."

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