Eaton Completes Sale of Vehicle Switch/Electronics Division to Delphi Automotive

    CLEVELAND--April 2, 2001--Diversified industrial manufacturer Eaton Corporation today said it completed the cash sale of its Vehicle Switch/Electronic Division (VS/ED) to Delphi Automotive Systems for $300 million. The transaction was effective March 30, 2001.
    VS/ED, headquartered in Downers Grove, Illinois, has approximately 3,850 employees at eight primary facilities in North America, South America and Europe, and had net sales of $320 million in 2000. The division manufacturers a wide range of electro-mechanical and mechatronic controls for automotive applications.
    Eaton and Delphi announced on March 12, 2001, that they had reached an agreement for the sale, and Eaton said the proceeds would be used to reduce short-term debt.
    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's 59,000 employees work in 24 countries on six continents. For more information, visit www.eaton.com

    Editor's Note: A news release on this subject is also being issued today by Delphi Automotive Systems.