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Eaton Cutler-Hammer, Inc. Announces Expansion; Adding 300 New Jobs.

Eaton Cutler-Hammer, one of Buncombe County's largest employers with 700 employees, has announced that it will be expanding its current operation, and will be adding approximately 300 new jobs over the next three years.

This positive employment news follows closely the new opening of the Grove Park Inn Spa, and the Biltmore Estate's luxury inn, the Inn on Biltmore Estate. Both of these new entities added over 500 new job opportunities to the Asheville area.

Eaton Corporation is an international manufacturer with over 59,000 employees in 24 countries around the world. The Cutler-Hammer division of Eaton is one of the world's leading suppliers of electrical control products and power distribution equipment. These products are used wherever there is a demand for electrical power in residences, high-rise apartment and office buildings, commercial sites, hospitals and factories.

Randy Carson, president and chief executive officer of Eaton Cutler-Hammer, says, "We have had great success over the past 24 years here in Asheville in attracting an excellent workforce, which was a leading factor for us to select Asheville for this project. I also want to thank the Chamber of Commerce and the Buncombe County Economic Development Commission for their assistance."

To accommodate its expansion, Eaton Cutler-Hammer will be leasing the former 109,000 square foot Quaker Oats facility in the Vista Industrial Park. They will also invest approximately $25 million in new equipment to support the new product lines that will be manufactured at the new facility.

Carson said that the decision to expand their Buncombe County manufacturing capacity was also based on agreements with UNCA and Asheville-Buncombe Technical Community College. UNCA, in conjunction with N.C. State University, will conduct a program in which Eaton Cutler-Hammer employees will be trained for their positions at the new manufacturing plant.

Eaton Corporation (NYSE:ETN) announced operating earnings per share of $1.05 for the first quarter of 2001, 30 percent below comparable results one year earlier. Sales in the quarter were $1.98 billion, 9 percent below last year. Net income before unusual items was $73 million versus last year's $111 million.

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