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Eaton to Study Possible Sale of Equity in its Semiconductor Business

25 February 2000

Eaton to Study Possible Sale of Equity in its Semiconductor Equipment Business

    CLEVELAND--Feb. 24, 2000--Eaton Corporation today announced that it has engaged Goldman, Sachs & Co. to study the feasibility of Eaton selling a minority equity interest in its Semiconductor Equipment segment through an initial public offering. A possible sale of equity would involve less than a 20 percent equity interest in Eaton's Semiconductor Equipment business.
    Semiconductor Equipment sales were $397 million in 1999, an increase of nearly 50 percent from 1998. Operating profits improved by $111 million during the same period.
    Eaton is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial aerospace and semiconductor markets. Principal products include hydraulic products and fluid connectors, electrical power distribution and control equipment, truck drivetrain systems, engine components, ion implanters and a wide variety of controls. Headquartered in Cleveland, Ohio, Eaton has 63,000 employees and 195 manufacturing sites in 23 countries. The Internet address for Eaton is http://www.eaton.com/