Eaton to receive $84 million in aerospace business from Boeing
CLEVELAND, OHIO ... Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it will receive $84 million in aerospace business as a result of the purchase of 60 C-17 cargo transport aircraft by the U.S. Air Force. The Boeing Company, which manufactures the C-17, said it will produce and deliver 15 aircraft per year beginning in 2004 through 2007.
Alexander M. Cutler, Eaton chairman and chief executive officer, said, "This award is representative of Eaton’s aerospace industry leadership in developing and providing superior high-pressure hydraulic systems and a range of other aircraft systems, motors and components. We are pleased to support Boeing in supplying the C-17 cargo transport for the U.S. Air Force."
Eaton has been providing products and systems to Boeing for the C-17 since the early 1990s. Eaton currently supplies more than 40 components and systems for the C-17. These will be provided for an additional four years as a result of the Boeing contract award.
Eaton's Aerospace business unit serves commercial and military aviation, aerospace, military weapons and marine markets worldwide.
In the aerospace industry, Eaton is a leading supplier of hydraulic and electro-hydraulic pump and generator products and integrated systems; electric motors; aircraft flap and slat systems; fluid conveyance products and systems; nose wheel steering systems; integrated control systems; cockpit controls; power and load management systems; pressure sensors and fluid debris monitoring products and systems.
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.
This news release contains forward-looking statements concerning the revenues expected from the C-17 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 or military needs, 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.