Eaton to Reduce Corporate Staff
CLEVELAND--(BUSINESS WIRE)--Nov. 14, 2001--Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced plans for a 10% staff reduction across its corporate-level employment. About 90 positions in the Greater Cleveland area will be eliminated.
Affected employees will be notified on November 15, 2001,
the date that the changes go into effect.
In a letter sent yesterday to all corporate-level employees, Eaton
Chairman and Chief Executive Officer Alexander M. Cutler called the
workforce reduction "regrettable and difficult," but explained that
the changes are necessary to size expense levels with the reduced
activity levels in Eaton's end markets. He said, "While we cannot
control the economy, we must -- and will -- actively lead Eaton
through this period of economic weakness."
Earlier this year Eaton announced restructuring actions of
$110 million to lower structural costs in Eaton's operating units and
resize those businesses to operate effectively and efficiently at
lower levels of activity. These actions include the elimination of
jobs, closure of facilities, the divestment of several businesses, and
strict spending controls.
Eaton Corporation is a global $8 billion diversified industrial
manufacturer that is a leader in fluid power systems; electrical power
quality, distribution and control; automotive engine air management
and fuel economy; and intelligent truck systems for fuel economy and
safety. Eaton has 51,000 employees and sells products in more than 50
countries. For more information, visit
Source: Eaton Corporation plc