Eaton named one of world's top 100 companies
CLEVELAND, OHIO…Eaton Corporation (NYSE:ETN) today said it has been selected by Industry Week magazine as one of the World's 100 best managed companies. The award is given annually to companies judged by the magazine to be "world leaders in innovative management strategies".
Alexander M. Cutler, Eaton chairman and chief executive officer, said, "We are extremely pleased and proud to have been named a recipient of this prestigious award. It represents a recognition of Eaton's collective performance as measured against our peers, but more importantly it recognizes the outstanding individual efforts of each of our 64,000 employees worldwide. Without their daily dedication and commitment, awards such as the Top 100 would not be achievable, and it is in their behalf that we acknowledge acceptance of this honor."
Cutler said performance at the level recognized by Industry Week is attributable, in part, to the significant impact of the Eaton Business System, and is necessary as the company increasingly gains recognition as a premiere diversified industrial manufacturer while continuing to pursue an aggressive growth strategy.
Eaton manufactures highly engineered products that serve industrial, vehicle, construction, commercial and 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.
According to Industry Week, companies are selected from an original group of 1,000, but are not ranked within the Top 100. Selection criteria includes analysis of the company's financial performance, review of a questionnaire each company was given to complete; research into each company's practices in areas such as philanthropy and safety; and voting by a panel of more than 90 business leaders, analysts and academicians.
Eaton had 1999 sales of $8.4 billion, and has 64,000 employees and 200 manufacturing sites in 24 countries around the world.
To view the online version of the Industry Week article, click here.