Eaton agrees to sell $400 million of debt securities


CLEVELAND, OHIO…Eaton Corporation (NYSE:ETN) today announced that it has entered into an underwriting agreement with Goldman, Sachs & Co. and Chase Securities Inc. to sell $250 million of 6.95% notes due November 2004 and $150 million of 7.65% debentures due November 2029. The company initially announced its intention to issue debt securities on November 8, 1999. The offer is being made only by a prospectus, a copy of which is available through the offices of the underwriters for the transaction:

Goldman, Sachs & Co. 85 Broad Street New York, New York 10004 Chase Securities Inc. 270 Park Avenue, 8th floor New York, New York 10017

The net proceeds from the sale of the notes and debentures will be used to reduce outstanding commercial paper, issued in connection with Eaton's acquisition of Aeroquip-Vickers, Inc. in April 1999.

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, the company has 64,000 employees and 205 manufacturing sites in 25 countries around the world. Eaton's sales for 1998 were $6.6 billion. On April 9, 1999, Eaton acquired Aeroquip-Vickers, Inc., which had sales of $2.1 billion in 1998.



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Renald Romain