Eaton

Viggo Torbensen, Joseph Oriel Eaton and Henning O. Taube founded the company in Bloomfield, New Jersey, in 1911 to make truck axles, and it moved to Cleveland in 1915. Joseph Eaton’s Eaton Axle Co., formed in 1919, bought control of Torbensen Axle in 1922.⁠[1]

A 1963 merger with material-handling products maker Yale & Towne led to the name Eaton, Yale & Towne, Inc.; the company became Eaton Corp. in 1971.⁠[1]

On February 1, 1999, Eaton and Aeroquip-Vickers jointly announced that Eaton would acquire all outstanding common shares of Aeroquip-Vickers for $58 per share in cash, a transaction valued at approximately $1.7 billion. Aeroquip-Vickers designed, manufactured and distributed engineered components and systems for industrial, aerospace and automotive markets, and its 1998 sales were $2.15 billion.⁠[2]

In 2006 ZF Meritor sued Eaton for antitrust violations and won in a 2009 ruling.⁠[3]

In June 2014 Eaton entered into a settlement agreement under which it agreed to pay $500 million to ZF Meritor.⁠[4]

Separately, trucking companies and a Mack dealership alleged that Eaton was a near monopolist in heavy-duty truck transmissions from 2002 through 2014. On September 14, 2016, the U.S. Court of Appeals for the Third Circuit reversed the case’s dismissal in Delaware.⁠[3]

On November 30, 2012, Eaton completed its acquisition of Cooper Industries plc, and both the existing Eaton Corporation and Cooper became wholly owned subsidiaries of a new parent, Eaton Corporation plc. Cooper shareholders received $39.15 in cash and 0.77479 of a new parent ordinary share for each Cooper share, and the new parent’s shares trade under the symbol “ETN.”⁠[5]

Cooper was a diversified global manufacturer of electrical products and systems. The purchase price totaled $13,192 million, made up of $6,543 million in cash and Eaton share consideration valued at $6,649 million. The parent company is incorporated in Ireland.⁠[6]

On June 16, 2015, the board named Craig Arnold president and chief operating officer effective September 1, 2015, and announced that he would succeed Alexander Cutler, chairman and CEO since August 2000, on June 1, 2016. Arnold joined Eaton in 2000 after senior leadership positions with General ElectricGE AerospaceGE Aerospace is the name under which General Electric Company operates, a jet engine maker listed on the New York Stock Exchange under the ticker GE.Open the full entry.⁠[7]

On January 21, 2020, Eaton agreed to sell its Hydraulics business to Danfoss A/S for $3.3 billion.⁠[8]

On August 2, 2021, Eaton announced that it had completed the sale of its Hydraulics business to Danfoss A/S, a Danish industrial company. Chairman and CEO Craig Arnold said, “This transaction creates considerable value for our shareholders.”⁠[9]

On March 17 and June 1, 2021, Eaton acquired Tripp Lite for $1.65 billion and Cobham Mission Systems for $2.80 billion, each net of cash received.⁠[8]

Paulo Ruiz became president and chief operating officer on September 2, 2024, and chief executive officer on June 1, 2025, succeeding Craig Arnold, who retired on May 31, 2025; Gregory R. Page became non-executive chair. Ruiz joined Eaton in 2019 after positions with Siemens, including chief executive officer of Dresser-Rand.⁠[10]

On April 1, 2025, Eaton acquired Fibrebond Corporation for $1.43 billion, net of cash acquired. On November 2, 2025, it signed an agreement to acquire Boyd Thermal for $9.5 billion.⁠[11]

Eaton’s 2025 sales were a record $27.4 billion, up 10% from 2024. Net income attributable to Eaton ordinary shareholders was $4,087 million, compared with $3,794 million in 2024.⁠[11]

As of December 31, 2025, Eaton had approximately 97,000 employees globally.⁠[12]

Eaton closed the acquisition of Ultra PCS Limited on January 23, 2026, and on January 26 announced its intention to spin off its Mobility business by the end of the first quarter of 2027.⁠[12]

Eaton completed its acquisition of Boyd Thermal on March 12, 2026.⁠[13]

Eaton announced an agreement to combine its Mobility Group, valued at approximately $5.1 billion, with Dana Incorporated in a Reverse Morris Trust transaction. Eaton shareholders will own at least 50.1% of the combined company, and Eaton will receive a cash distribution of $1.1 billion, subject to adjustment, before completion. The transaction is expected to close in the first quarter of 2027.⁠[14]

Eaton’s second-quarter 2026 sales were a record $8.5 billion, up 21% from a year earlier, and earnings per share were $2.11. The Dana transaction remained subject to Dana stockholder and regulatory approvals; if it is not completed, Eaton intends to pursue a spin-off of the Mobility business.⁠[13]