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Technology Stocks : Eaton (ETN) is definitely not overvalued! -- Ignore unavailable to you. Want to Upgrade?

To: DSPetry who wrote (68)	11/5/1998 8:11:00 PM
From: Walter Morton	Respond to of 338

November 5, 1998 Hamilton, Winamac plants to close in 1999 Production will be phased out at the Automotive Controls Operations facilities in Hamilton and Winamac, Indiana. At the Hamilton plant of the Actuator and Sensor Division, production will be phased out in the third quarter of 1999 and relocated to a sister plant in Rochester Hills, Michigan. The Hamilton plant employs 240 people and manufactures solenoid actuation devices, locks, transmission valves and sensors for the automotive market. The phase out is expected to begin in the second quarter of 1999. At the Winamac plant of the Vehicle Switch/Electronics Division, manufacturing will be phased out by the end of 1999 and relocated to a sister facility in Matamoros, Mexico. The Winamac plant employs 383 and manufactures switches for automotive markets. The phase out is expected to begin in early January of 1999. Eaton said it was taking these actions because of ongoing pressure from customers to reduce costs and because of increased competition in the markets these plants serve. The relocations enable the company to consolidate manufacturing facilities and reduce costs. The company is in the process of identifying specific dates for the phase out of the product lines at each plant and employees will be notified as soon as those decisions are made. Employees will receive at least 60 days advance notice of a layoff. Additionally, the company said it would work with area employers to locate new job opportunities for employees, and will provide a comprehensive outplacement program. ________________________ To answer your question DSPetry. I work at one of ETN's plants (not the ones mentioned above). However, I have lived through an ETN plant closing before. I won't tell you which plant because I don't want you to think I know more than I really do about any particular plant or business decision within ETN. I don't have insider info. As an employee we get to access the internal web page for ETN. My guess is that these last two news releases only appeared in the local town papers. Most of ETN's plants are located in small towns.