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Eaton Corporation plc reports developments for an intelligent power management company serving data center, utility, industrial, commercial, institutional, machine building, residential, aerospace and mobility markets. Recurring updates cover earnings, orders, backlog, segment performance, dividends and capital allocation, with particular attention to Electrical Americas, Electrical Global, Aerospace and Mobility activities.
Company news also includes product and portfolio actions tied to electrification and digitalization. Eaton updates include data center power and cooling infrastructure, medium-voltage switchgear, grid-to-chip systems, aerospace aftermarket service agreements, residential electrification partnerships and completed acquisitions such as Boyd Thermal, which added liquid-cooling and thermal-management capabilities to the Electrical Global segment.
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Eaton (NYSE:ETN), an intelligent power management company, has released its 2022 Sustainability Report, showcasing substantial progress towards its 2030 sustainability goals. Key achievements include:
- Reducing GHG emissions by 27% since 2018
- 71% of 2022 net sales from sustainable solutions
- Investing $900 million in R&D for sustainable solutions since 2020
- Certifying 75% of manufacturing sites as zero waste to landfill
- Certifying 8% of manufacturing sites as zero water discharge
The report demonstrates increased transparency and reporting rigor, including a TCFD section addressing climate-related risks and opportunities. Eaton's CEO, Craig Arnold, emphasized the company's commitment to addressing climate change and pursuing bold environmental, social, and governance goals. The company is on track to meet several targets ahead of schedule, focusing on electrification, energy transition, and improving efficiency in transportation and air quality.
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The Board of Directors of Eaton (NYSE:ETN) declared a quarterly dividend of $0.86 per share, payable on May 26, 2023, to shareholders of record by May 8, 2023. This marks a continued commitment, as Eaton has paid dividends annually since 1923. In 2022, Eaton reported revenues of $20.8 billion and serves customers in over 170 countries. The company focuses on improving life quality and environmental protection while addressing global challenges in power management.
Eaton has acquired a 49% stake in Jiangsu Ryan Electrical Co. Ltd., a Chinese manufacturer of power distribution transformers, enhancing its position in the renewable energy market. The acquisition is valued at approximately $100 million, with Ryan reporting revenues of $100 million in 2022. This strategic move aims to leverage Ryan's high-quality products alongside Eaton's global distribution capabilities, promoting growth in the Asia-Pacific region. Eaton emphasizes its commitment to power management solutions amid increasing demand for renewable energy and electrification. The acquisition is set to accelerate Eaton’s growth in target markets including data centers and utilities.