Eaton to Reduce Corporate Staff

15.11.2001

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

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