Diversified industrial manufacturer Eaton Corp., Cleveland, OH, first quarter were $2.8 billion, 20% below the same period in 2008. The company recorded a loss of $50 million for the quarter.
Our first quarter results reflect the impact of the severe downturn in many of our end markets and the expenses associated with personnel reductions made in the first quarter, CEO Alexander M. Cutler said. “Weaker than expected markets were partially offset by lower than originally anticipated severance expense. The lower severance expense was primarily due to the length of time it has taken to conclude severance plans in several countries.”
Sales for the Electrical Americas segment were $859 million, down 6% from 2008. Excluding acquisition …
Eaton Sales Down 20% In 1Q
Diversified industrial manufacturer Eaton Corp., Cleveland, OH, first quarter were $2.8 billion, 20% below the same period in 2008. The company recorded a loss of $50 million for the quarter.
Our first quarter results reflect the impact of the severe downturn in many of our end markets and the expenses associated with personnel reductions made in the first quarter, CEO Alexander M. Cutler said. “Weaker than expected markets were partially offset by lower than originally anticipated severance expense. The lower severance expense was primarily due to the length of time it has taken to conclude severance plans in several countries.”
Sales for the Electrical Americas segment were $859 million, down 6% from 2008. Excluding acquisition …
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