Eaton Combines Automotive, Truck Groups
Jul 6, 2009 1:52 PM
Eaton Corporation (NYSE:ETN) announced that Eaton’s Automotive and Truck Groups are being consolidated into one operating unit. The combined organization will be known as the Vehicle Group and will be led by Joseph P. Palchak, current president of the Automotive Group. The new Vehicle Group will continue to report into the Industrial Sector, along with Eaton’s aerospace and hydraulics businesses.
“As our truck and automotive operations continue to expand into global markets, it’s critical that we leverage the natural synergies that exist between the two businesses,” said Craig Arnold, vice chairman and chief operating officer of Eaton’s Industrial Sector. “In today’s challenging business environment, we must identify opportunities to reduce costs, develop technologies, build global capacity, and more effectively cross-market our products and solutions.”
Palchak served as the president of Eaton’s automotive business since June, 2008. Prior to that, he led the Automotive Group’s Engine Air Management business since 2005 and previously was president of Eaton’s Powertrain and Specialty Controls operations. Since joining Eaton in 1973, he has held numerous assignments within its automotive and truck businesses. Palchak earned a bachelor’s degree in business from Susquehanna University in Pennsylvania and a master’s in business administration from the University of Louisville.
“Joe’s significant leadership experience and successful track record within our automotive business, and his prior years in the truck organization, will serve us well as Eaton addresses the challenges within the global commercial and passenger vehicle industry,” said Arnold.
Externally, Eaton will continue to report financial results for six segments. They are: Electrical Americas, Electrical Rest of the World, Hydraulics, Aerospace, Truck and Automotive.
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