Eaton to Reduce Corporate Staff

    CLEVELAND--Nov. 14, 2001--Diversified industrial manufacturer Eaton Corporation 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 www.eaton.com.