Eaton Completes Sale of Navy Controls Business To DRS Technologies

    CLEVELAND--July 16, 2002--Diversified industrial manufacturer Eaton Corporation today said it completed the cash sale of its Navy Controls business to DRS Technologies, Inc. for $92.2 million. The transaction was concluded July 15, 2002.
    Navy Controls has 600 employees at two primary facilities in Milwaukee, Wisconsin, and Danbury, Connecticut. The business manufactures shipboard integrated electrical power distribution and control systems for the United States Navy.
    Eaton and DRS Technologies announced on May 28, 2002, that they had reached an agreement for the sale.

    Eaton Corporation is a global $7.3 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 48,000 employees and sells products in more than 50 countries. For more information, visit www.eaton.com.