Last $69.77 USD
Change Today -0.23 / -0.33%
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As of 4:02 PM 08/27/14 All times are local (Market data is delayed by at least 15 minutes).

eaton corp plc (ETN) Key Developments

Eaton Expects to Close Clutch-Assembly Facility in North Charlotte

Eaton announced that it expects to close its clutch-assembly facility in north Charlotte and lay off the more than 80 people who work there, a move that will shrink the company's presence in the region. The company plans to shift the operations at the 5808 Long Creek Park Drive facility to Eaton plants in Indiana and Mexico that have available capacity. The closure will result in 84 layoffs. The first wave of layoffs is expected to occur by October 15. 27 of the 84 workers will remain working at the facility until the end of 2015 as the company completes orders for existing clients. The company announced that the closing will not affect Eaton's electrical facility in Charlotte, the only other operation the company has in the city. That facility is at 5910 Long Creek Park Drive and employs 79 people. It serves as the U.S. distribution center for Eaton's Cooper Wiring Devices businesses. The operations in the Charlotte plant will be moved to a facility in Auburn, Ind., and a facility in San Luis Potosi, Mexico. Eaton will assist affected workers in finding employment both inside and outside the company.

Sixth U.S. Circuit Court of Appeals Dismisses Securities Fraud Class Action Against Eaton Corp. Arising from State Court Trade Secrets Litigation

The Sixth U.S. Circuit Court of Appeals affirmed a district court's dismissal of a securities fraud class action brought against Eaton Corp. arising from statements made by the company in connection with a separate trade secrets action that the firm brought against a competitor. An institutional investor sued Eaton Corp. and certain of Eaton's officers alleging securities fraud arising from a separate trade secrets lawsuit that Eaton filed against its competitor, Frisby Aerospace. The complaint alleged that in an underlying state court lawsuit between Eaton and Frisby, Eaton intentionally refused to turn over responsive documents during discovery and hired a friend of the trial judge to engage in ex parte conversations with the judge. The investor plaintiff in the securities fraud action alleged that statements by Eaton asserting the company had not attempted to influence the judge in the state court lawsuit constituted securities fraud. The plaintiff asserted the defendants violated 10(b) and 20(a) of the Securities Exchange Act of 1934. The district court granted the defendants' motion to dismiss and the plaintiff appealed. The Sixth Circuit held the complaint failed to adequately alleged loss causation. The complaint alleged the defendants perpetrated a fraud on the market by concealing that Eaton engaged in illegal activity in connection with the Frisby litigation, that the fraud became known to the public on May 31, 2012, when investors learned that Eaton withheld documents and attempted to illegally influence the judge in the underlying action and that the firm's stock price declined precipitously as a result.

Eaton Corporation Plc Launches New Next-Generation MTL GIR6000 Biogas Analyzer

Eaton Corporation Plc has launched a new next-generation MTL GIR6000 biogas analyzer designed to meet the measurement needs of the biogas industry. The MTL GIR6000 gas analyser is the first truly modular biogas analyser, requiring minimal maintenance and enabling process engineers and biogas plant managers to reduce downtime and improve their processes. The MTL GIR6000 analyser uses an innovative modular concept that makes it user-serviceable and reduces lifetime service costs through quick and easy maintenance procedures that require no special tools or training. As a result, service engineer site visits are largely avoided with the guidance of the built-in self-diagnostic routines and pre-configured intelligent sensor modules. The gas sensor modules can be individually replaced - simply slide in and lock with an automatic seal integrity check - which helps to ensure minimal downtime, increased process efficiency and reduced operational maintenance cost. The analyser can measure up to six gases, including methane, oxygen and hydrogen sulphide, and is designed with dedicated sensor modules and long-life, established sensor technology to provide continuous, accurate and reliable readings. The integrated platform concept makes it easy to upgrade the MTL GIR6000 analyser to meet future demands as the plant's measurement needs evolve. The MTL GIR6000 analyser is designed to be secure and reliable. It requires key-lock access and PIN-codes to change the key parameters making the data safe. Setting up the unit on-site is facilitated by the large bright 7-inch LCD display and rugged keypad as well as an intuitive menu-driven structure. The display provides a clear visual warning when there is a system fault or when a sensor is reaching the end of its life-cycle, allowing users to predict or plan maintenance requirements. Data is transmitted to the plant host system through a number of communication methods, allowing live real-time data to be monitored remotely. The MTL GIR6000 analyser is an integrated IP65 weatherproof solution and is ATEX approved for Zone 2 Hazardous Areas for installation flexibility around the biogas plant.

Eaton Corporation plc Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter 2014; Revises Earnings Guidance for the Full Year 2014

Eaton Corporation plc reported consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's net sales were $5,767 million against $5,602 million a year ago. Income before income taxes was $57 million against $534 million a year ago. Net income was $172 million against $497 million a year ago. Net income attributable to Eaton ordinary shareholders was $171 million or $0.36 diluted per share against $494 million or $1.04 diluted per share a year ago. Operating earnings were $194 million or $0.41 per share against $519 million or $1.09 per share a year ago. For the six months, the company's net sales were $11,259 million against $10,912 million a year ago. Income before income taxes was $510 million against $934 million a year ago. Net income was $613 million against $877 million a year ago. Net income attributable to Eaton ordinary shareholders was $610 million or $1.27 diluted per share against $872 million or $1.83 diluted per share a year ago. Operating earnings were $677 million or $1.41 per share against $919 million or $1.93 per share a year ago. The company anticipates operating earnings per share for the third quarter of 2014, which exclude an estimated $33 million of charges to integrate recent acquisitions, to be between $1.20 and $1.30. The company is lowering the top end of full year 2014 guidance for operating earnings per share, which exclude an estimated $160 million in acquisition integration charges, and which are also adjusted for the impact of the Aerospace divestitures and the legal settlements, to between $4.50 and $4.70. The $4.60 midpoint of revised guidance represents a reduction of 10 cents, or 2%, from prior guidance, reflecting the impact of lower margins in Electrical Systems and Services segment.

Eaton and Shaanxi Fast Gear Co. Ltd. Announce Joint Venture Agreement to Support Growing Commercial Clutch Market in China

Eaton and Shaanxi Fast Gear Co. Ltd. announced they have signed a joint venture agreement to support the growing commercial vehicle clutch market in China. The formation of the joint venture is subject to regulatory approvals and customary closing conditions. The planned joint venture will focus on developing, manufacturing, assembling, testing, selling and servicing clutches and associated clutch components for the commercial vehicle market in China.

 

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