Eaton Selected to Supply Hydraulic Winch Drive Systems for U.S. Navy's New Class of Combat Logistics Ships

    IRVINE, Calif.--Oct. 28, 2002--Diversified industrial manufacturer Eaton Corporation announced today that its aerospace operation has been awarded a contract to provide cargo transfer hydraulic winch drive systems for the U.S. Navy's new class of combat logistics ships. The program has an estimated value of $18 million over the next five years.
    The hydraulic winch system, referred to as the Navy Standard Transmission (NST), provides power for the cable and trolley system that is used to transfer cargo between two ships at sea. There are 12 NSTs per ship with a total program quantity of 144 NSTs expected over the next five years. Deliveries are scheduled to begin in August 2003 at an average rate of 24 units per year.
    "This new contract award is a strategic win for Eaton's aerospace business," said Steven K. Eisenberg, aerospace operations vice president. "It allows us to strengthen our fluid power technology presence in the marine market and to expand our market share."
    Eaton's aerospace business unit serves commercial and military aviation, aerospace, military weapons and marine markets worldwide with a broad range of products and integrated systems.
    Eaton 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 47,000 employees and sells products in more than 50 countries. For more information, visit: www.eaton.com.
    This news release contains forward-looking statements concerning the revenues expected from the Navy Standard Transmission program. These statements are subject to various risks and uncertainties, some of which are outside the company's control. The following factors could cause actual results to differ materially from those forward-looking statements: changes in governmental priorities, unanticipated technological problems or further substantial deterioration of the economic or financial conditions in the United States. We do not assume any obligation to update these forward-looking statements.