Date: May 17, 2007
Eaton Named Best In Class For Supplier Diversity
CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) was recently named best in class for supplier diversity by the Commission on Economic Inclusion, a program of the Greater Cleveland Partnership.
The Commission recognized Eaton’s $18 million in annual purchases from 17 Northeast Ohio minority-owned companies and Eaton’s many programs that encourage the success of minority businesses. These include:
• Matchmaker events and opportunity fairs, including an Annual Supplier Diversity Conference that provides entrepreneurs with direct access to Eaton senior management
• Six Sigma training, which has certified 75 minority business entrepreneurs in Six Sigma processes and has helped at least five businesses avoid business closure
• Scholarships for minority executives to attend various training programs
• Service by Eaton personnel on local and national boards and committees of the Northern Ohio Minority Business Council, Diversity Information Resources and the National Minority Supplier Development Council, to support minority-purchasing activities in communities where there is an Eaton facility
• Use of a variety of supplier databases to locate minority-owned businesses
• Requirements that major suppliers purchase from minority-owned businesses.
In 2006, Eaton Corporation worldwide purchased $186 million in goods and services from more than 300 minority-owned businesses.
“Supplier diversity is not a program to just drive spending to diverse businesses but a program that enriches Eaton shareholders by allowing the supply chain organization to find the best domestic suppliers,” said Richard B. Jacobs, Eaton vice president—Supply Chain Management, who accepted the award at the Commission’s May 16 annual meeting. “Our vision is to do business with only the best global suppliers and assist these suppliers in growing with Eaton. We are honored to be recognized by the Commission and we will continue to raise the bar.”
Eaton Corporation is a diversified industrial manufacturer with 2006 sales of $12.4 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 61,000 employees and sells products to customers in more than 125 countries.