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Eaton to build truck transmission manufacturing plant in Mexico
CLEVELAND, OHIO....Eaton Corporation's (NYSE:ETN)Truck Component Operations announced today that it will invest more than $100 million to build a new truck transmission manufacturing plant in Mexico in order to meet unprecedented market demand and support Eaton's increasing market share for commercial truck components throughout North America. Selection of the manufacturing site will be announced shortly.
The plant is planned for construction in phases over the next five years in concert with market growth. Ultimately consisting of 350,000 square feet, it will be a primary manufacturing facility, with complete transmission fabrication and assembly capability. At completion, the plant is expected to employ 400 to 500 people. Eaton expects to begin construction on the new facility before the end of 1999.
The company said that the project confirms to its customers that Eaton is committed to their continued success throughout North America by providing an uninterrupted flow of world-class quality truck transmissions. The new plant will also complement Eaton's Roadranger regional sales and service facility headquartered in Monterrey, Mexico that serves the new product and aftermarket needs of its Mexican customers.
"Given the extraordinary strength in the North American heavy duty truck market, and Eaton's optimism about the market's prospects in the next decade, this plant's capacity will be needed to meet our customers' requirements, and should not affect plans for existing North American truck transmission facilities," a company spokesperson said.
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 65,000 employees and 215 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.
The forward-looking statements in this news release should be used with caution. They are subject to various risks and uncertainties, many of which are outside the control of the company. The most important factor which could cause actual events to differ materially from those in the forward looking statements is change in the condition of the North American heavy truck market.