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Eaton Corp. (ETN) has diversified successfully away from automotive business into lucrative fields: aircraft hydraulics, factory automation/ fluid control and electrical equipments. Has generated very strong cash flow, and raised its quarterly dividend 13% to 35 cents per share. The electrical segment its big driver of operating profit and power and truck business could clear the road to its goal of $18 billion revenue by 2010.
Organizational Announcement
Power Quality Solutions Operations
RE: PQSO
In our ongoing efforts to improve business results and position PQSO for continued profitable growth in 2007, a number of restructuring plans were communicated with employees in several of our divisions. Meetings with impacted employees have taken place and Eaton will provide a broad range of support for affected employees including transition assistance, career counseling, and job search assistance.
Power Quality Protection and Sales & Marketing Divisions Actions
San Diego, California: The global accounts, engineering and accounting functions will relocate to Raleigh, NC to capture the synergies and efficiencies of one location.
Electrical Services & Systems: ESS has created four business units covering Power Distribution Services (PDS), UPS Service, Federal Systems & Integrated Project Services and Engineering & Consulting effective February 1, 2007. This structure provides specific focus on customers, markets and business needs while providing an aligned business unit structure to deliver a complete portfolio of PowerChain Management services.
A detailed announcement from EES will follow.
Tom Gross
Vice President & President
PQSO
German engineering giant Siemens says it has uncovered hundreds of millions of euro in suspicious payments as part of a continuing investigation into an alleged bribery and embezzlement scandal.
Internal company audits had found up to €420m in unexplained payments over the past seven years, finance chief Joe Kaeser said. But not all of the money necessarily went into the alleged slush funds. They were non-taxable consultancy payments that were simply being regarded as suspicious at the moment and would be investigated further, Kaeser said.
So far, prosecutors have said that around €200m of company money may have been siphoned off into overseas funds as possible bribes for contracts.
The Munich prosecutor's office said Thomas Ganswindt, former chief executive of Siemens' information and communications unit, had been placed in temporary detention. Ganswindt ran the fixed telephone division of Siemens from 2001 until 2004, when he joined the board and was responsible for supervising telecommunications activities.
He left Siemens in late September to become head of the Elster Group, which manufactures meters for the gas, water and electricity industries.
Late on Monday, Siemens announced it was restating its full-year earnings to take into account additional tax charges connected with the slush fund probe. Last month, public prosecutors in Munich raided the offices and homes of a number of Siemens employees in a massive probe into suspicions of embezzlement, bribery and tax evasion.
A number of arrest warrants were issued against a total of seven current and former employees, two of whom have since been released.
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