Eaton Corporation begins litigation against CAPCO in Michigan federal court

 

CLEVELAND, OH....Eaton Corporation today announced that it had commenced litigation against CAPCO Automotive Products Corporation in the federal district court in Detroit, Michigan in connection with Eaton's proposal to acquire all of CAPCO outstanding common stock for $11 per share in cash.

Eaton's complaint seeks to require CAPCO to redeem its Shareholder Rights Plan and to prevent CAPCO from changing the May 14, 1996 date for its annual meeting of stockholders, or the March 20 record date for that meeting, and requests the court to declare that CAPCO is not subject to the provisions of certain Michigan anti-takeover statutes. The suit also seeks to prevent CAPCO from acting to become covered by these statutes.

Eaton Corporation is a global manufacturer of highly engineered products which serve vehicle, industrial, construction, commercial and aerospace markets. Principal products include truck transmissions and axles, engine components, hydraulic products, electrical power distribution and control equipment, ion implanters and a wide variety of controls. Headquartered in Cleveland, the company has 52,000 employees and 150 manufacturing sites in 23 countries around the world. Sales for 1995 were $6.8 billion.

 

 

Contact Information

Renald Romain
216-523-4736
rennyromain@eaton.com

 

William Hartman, vice president, Investor Relations
(216)523-4501
williamhartman@eaton.com