Eaton forms holding company for China
SHANGHAI, PRC... Eaton Corporation today announced that it has formed a holding company for its operations in China, called Eaton (China) Investments Company, Ltd. Located in Shanghai, the company will have an initial registered capital of $30 million.
Eaton Chairman Stephen R. Hardis said, "The creation of Eaton (China) Investments Company signals the continuing growth of Eaton's business operations in China. We are convinced that Eaton technology will play a useful role in China as it continues to build its infrastructure. We believe that investment in China is critical to our aggressive growth goal of becoming a $10 billion company by the Year 2000, with sustainable earnings growth averaging 10 percent per year."
Eaton currently has four operations in China. They include Eaton Truck and Bus Company-Shanghai, a wholly owned truck transmission company announced in August 1997. In 1993, Eaton and Jining Hydraulics Company of Jining City, Shandong Province, formed a joint venture to manufacture low-speed, high-torque hydraulic motors, primarily for agricultural and construction equipment. In April, 1996, the company announced a joint venture agreement with the Suzhou Electrical Apparatus Group Company to manufacture and sell electrical circuit protection devices, and in June, 1997, announced a joint venture agreement with Weihai Measuring Tools Factory to manufacture washing machine controls.
Eaton Corporation is a global manufacturer of highly engineered products which serve industrial, vehicle, construction, commercial and semiconductor markets. Principal products include electrical power distribution and control equipment, truck transmissions and axles, engine components, hydraulic products, ion implanters and a wide variety of controls. Headquartered in Cleveland, Ohio, the company has 56,000 employees and 165 manufacturing sites in 26 countries around the world. Sales for 1996 were $7 billion.