Reflecting on 100 years of delivering for shareholders

This year, the people of Eaton are celebrating an extraordinary milestone in our company's history – our 100th anniversary of being listed on the New York Stock Exchange (NYSE).

Eaton is one of only a few companies currently being traded on the exchange that have achieved this distinction. We believe our longevity – on the exchange and in the global business community – reflects our resiliency and ability to adapt to the changing world.

Guided by the spirit of innovation that has been the hallmark of our company since its founding, Eaton has reinvented itself time and again. When we first became a public company in 1923, we were a U.S.-based truck axle company. By the 1940s, we had moved well beyond our modest beginnings to become a diversified automotive and truck component supplier. Near the end of the 1970s and into the 1990s, our portfolio again expanded through innovation and acquisition to create a diversified industrial company. Acquisitions like Cutler-Hammer, Westinghouse's Distribution and Control business, and Aeroquip-Vickers formed the foundation of our electrical business, strengthened Eaton’s contributions to the aerospace market, and set the stage for additional acquisitions that would redefine our company in the decades that followed.

Later, as we began a new century, we became more focused on power management and energy efficiency. Today, we are a global intelligent power management company with operations in 170 countries, more than 91,000 employees and $20.8 billion in revenues in 2022, with 90% of our profits coming from our Aerospace and Electrical businesses.

Throughout our history, the people of Eaton have shown an enduring commitment to doing business right and living by our values. From one generation of employees to the next, we’ve remained committed to serving all our stakeholders: our shareholders, customers, communities and our colleagues. And we’re committed to making good on our promise to society to improve the environment and the quality of life for people everywhere.

And while we’re proud of the culture we’ve built and all that our company and its people have achieved, we believe our best days are still ahead. We’re entering what we anticipate will be a super growth cycle that will be driven by the macro growth trends shaping society today. These powerful trends include energy transition, electrification of the economy and digitalization. The digitalization of society is driving the need for data centers, an important growth segment for our company. We also anticipate Eaton will benefit from a growth cycle in the aerospace industry. And further fueling our growth is our portfolio transformation strategy. We’ll continue to invest in high-growth, high-margin businesses to strengthen our portfolio and meet the changing needs of our customers.

There’s never been a better time to be an intelligent power management company, and there’s never been a better time to be part of Eaton. And with the support of our shareholders, our customers and the communities where we operate, we’ll continue powering what matters for people today and for the generations that will follow.

Thank you for commemorating this milestone with us.

Craig Arnold
Chairman & CEO