Eaton Corporation
Eaton Corporation, a Fortune 500 company based in Cleveland, Ohio, USA, is a global diversified industrial manufacturer with 2002 sales of $7.2 billion. Eaton has 51,000 employees and sells products in more than 50 countries. Eaton manufactures products for fluid power systems; electrical power distribution and control; automotive engine air management and fuel economy; and intelligent drivetrain systems for trucks.
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In 1911 Joseph O. Eaton, Henning O. Taube and Viggo V. Torbensen incorporated the Torbensen Gear and Axle Co. in Bloomfield, New Jersey. With financial backing from Eaton, the company was set to manufacture Torbensen's patented internal-gear truck axle. In 1914, the company moved to Cleveland, Ohio, to be closer to its core business, the automotive industry.
In 1916, The Torbensen Axle Company was incorporated in Ohio, succeeding the New Jersey Corporation. A year later, Republic Truck Company, Torbensen's largest customer, bought out the company. But, Eaton and Torbensen were not content and bowed out of Republic to form the Eaton Axle Company in 1919. A year later, in 1920, Eaton Axle Company merged with Standard Parts. Standard Parts went in receivership later the same year and was later liquidated. In 1923, Eaton bought the Torbensen Axle Co. back from Republic and changed the name to The Eaton Axle and Spring Company.
Eaton believed the quickest way to grow the business was through acquisitions and began buying companies in the automotive industry, By 1932, the diversified company changed its name to Eaton Manufacturing Company. In 1937, Eaton went international with a manufacturing plant in Canada. The company name changed once again in 1966 to Eaton Yale & Towne, Inc. after the acquisition of Yale & Towne Manufacturing Co. in 1963. Stockholders approved the change to the company's current name in 1971. Eaton Corp. continues its founder's philosophy of growth through acquisition along with divesting businesses that no longer fit the corporate vision.
The History of Eaton Corporation 1911-1985History
References
Securities and Exchange Commission
