Date June 12, 2008
PITTSBURGH … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) today announced it has been awarded an equipment contract with the Federal Aviation Administration (FAA) projected to exceed $40 million over a 10-year period.
One of three FAA contracts currently held by Eaton, the new agreement encompasses three-phase uninterruptible power supply (UPS), maintenance bypass panels and other associated power quality equipment, which will be deployed in mission-critical FAA installations throughout the continental United States, Alaska, Hawaii, Guam and Puerto Rico.
"Eaton is gratified that our equipment, our training and our services have been evaluated by the FAA, which is responsible for the safety of civil aviation, and were chosen over our competitors," said Randy Carson, chief executive officer, Eaton’s Electrical Group. "As a result, Eaton will be helping to keep millions of passengers safe in the skies."
The contract, which features a two-year base period with four additional two-year options, was awarded to Eaton following a five-year process, during which all equipment underwent rigorous FAA testing.
A separate Eaton support contract, which provides services and spare parts to approximately 1,000 FAA sites, was also renewed for an additional five years.
Eaton’s electrical business is a global leader in electrical control, power distribution, uninterruptible power supply and industrial automation products and services. Eaton’s global electrical brands, including Cutler-Hammer®, MGE Office Protection Systems™, Powerware®, Holec®, MEM®, Santak and Moeller, provide customer-driven PowerChain Management® solutions to serve the power system needs of the industrial, institutional, government, utility, commercial, residential, IT, mission critical and OEM markets worldwide.
Eaton Corporation is a diversified industrial manufacturer with 2007 sales of $13.0 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; hydraulics, fuel and pneumatic systems for commercial and military aircraft; 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 79,000 employees and sells products to customers in more than 150 countries.
This news release contains a forward-looking statement concerning the revenues expected from an electrical equipment contract with the Federal Aviation Administration (FAA). This statement is subject to various risks and uncertainties, some of which are outside the company’s control. The following factors could cause actual results to differ materially from this forward-looking statement: reductions in customer orders, changes in governmental priorities, unanticipated technological problems or substantial changes in the economic or financial conditions in the United States. We do not assume any obligation to update this forward-looking statement.