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Eaton Named Power Quality Company of the Year
5/20/04 Cleveland, OH ... Diversified industrial manufacturer Eaton Corporation (NYSE: ETN) has been named "Power Quality Company of the Year" by Frost & Sullivan, a worldwide leader in market consulting and intelligence. The award recognizes Eaton's contributions to the electrical Power Quality industry in 2003.
"We are very pleased to receive this award," said Sandy Cutler, Eaton chairman and chief executive officer. "Our goal throughout all of Eaton is to provide leading-edge products and services that meet and exceed our customers' needs. We pride ourselves on this commitment. Frost & Sullivan's recognition of our Power Quality solutions is representative of our efforts."
According to Frost & Sullivan, the Company of the Year award is presented annually to an organization that demonstrates unparalleled excellence. Criteria cited for the award include: demonstrated market share growth, successful execution of innovative strategies, new market penetration, heightened customer satisfaction and loyalty, technological innovation, industry leadership and strong brand recognition.
Eaton was specifically recognized for:
• Strong customer service anchored by the depth of knowledge and dependability of Eaton's world-class 24/7 customer service;
• The acquisition of Innovative Technology Inc. as part of the Delta purchase, which strengthens Eaton's leading role in the hard-wire Transient Voltage Surge Suppression market;
• The joint venture with Caterpillar, which enables Eaton to provide exceptional integrated power reliability solutions for its customers; and
• Eaton's ability to cross-sell and up-sell its complete line of products - a winning strategy recognized by Frost & Sullivan that makes working with Eaton simpler for customers.
Despite a sluggish economy, Eaton's Power Quality Division has achieved significant growth in the past several years. The report accompanying the award highlighted Eaton's solutions-based customer strategy and efforts to incorporate intelligence into its Power Quality products as reasons for the upswing. Frost & Sullivan foresees continued Power Quality growth at Eaton through 2010.
Cutler added that Eaton's plans to purchase Powerware Corporation, announced on April 27, 2004, further builds upon its momentum in the Power Quality field.
"The breadth of our product platforms coupled with our strong Power Quality-related services differentiates us in the marketplace," said Randy Carson, senior vice president and group executive for Eaton's Electrical business. "New product introductions, successful acquisitions and the innovative spirit of our team continue to position us well for future success. We are very appreciative of Frost & Sullivan's acknowledgement of our efforts to date."
Founded in 1961, Frost & Sullivan is recognized as a global leader in growth consulting. Frost & Sullivan Awards are presented to companies that demonstrate excellence in their industry through diligence, commitment, and innovative business strategies that are required to advance in the global marketplace. Frost & Sullivan rigorously analyzes specific criteria to determine award recipients in a vast variety of market industries and landscapes. For further information, visit www.frost.com.
In the electrical industry, Eaton is a global leader in electrical control, power distribution, and industrial automation products and services. Through advanced product development, world-class manufacturing methods, and global engineering services and support, Eaton's electrical business provides customer-driven solutions under brand names such as Cutler-Hammer®, Durant®, Heinemann®, Holec® and MEM®, which globally serve the changing needs of the industrial, utility, light commercial, residential, and OEM markets. For more information, visit www.eatonelectrical.com.
Eaton Corporation is a diversified industrial manufacturer with 2003 sales of $8.1 billion. Eaton is a global leader in fluid power systems and services for industrial, mobile and aircraft equipment; electrical systems and components for power quality, distribution and control; automotive engine air management systems and powertrain controls for fuel economy; and intelligent drivetrain systems for fuel economy and safety in trucks. Eaton has 51,000 employees and sells products to customers in more than 100 countries.
William Hartman, vice president, Investor Relations, (216)523-4501
Gary Klasen, manager, Media Relations, (216)523-4736