Eaton board declares quarterly dividend;approves stock purchase
Wed Jan 26, 2000 -
CLEVELAND, OHIO…Eaton Corporation's (NYSE:ETN) Board of Directors today declared a regular quarterly dividend of $.44 per common share, and authorized the company to spend up to $500 million to purchase shares of its common stock.
The dividend is payable on February 25, 2000 to shareholders of record on February 7, 2000. Eaton has paid dividends on common shares annually since 1923.
Under the board's stock buyback authorization, the company may purchase the shares at any time over a five-year period. This authorization replaces the expiring five million share purchase program authorized by the board in December 1994. Approximately 4.9 million shares have been purchased under that program.
The board announced the decisions following its regular January meeting today.
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, the company has 63,000 employees and 195 manufacturing sites in 23 countries. Eaton's sales for 1999 were $8.4 billion