Ohio Treasury Issues $10 Million in Bonds to Eaton Corporation
Funds will create 177 new jobs and secure 1,000 at-risk jobs at the project site

Columbus – Ohio Treasurer Kevin L. Boyce announced today the Treasurer’s office issued $10 million in bonds for Eaton Corporation to help create at least 177 new full-time jobs and retain 1,000 at-risk jobs within three years.

The bond package – issued through the Ohio Enterprise Bond Fund (OEBF) – will allow the Cleveland-based company to buy a 53-acre project site in Beachwood, the site of Eaton’s new world headquarters.

“We want to work with Eaton and other businesses to help create and retain jobs in this tough economy,” Boyce said. “Eaton is a successful, Fortune 500 company, and we’re pleased to help this top manufacturer create and save more than 1,000 jobs through this project.”

Eaton Corporation is a global technology leader in electrical systems for power quality, distribution and control; hydraulics, components, systems and services for industrial and mobile equipment; aerospace fuel hydraulic and pneumatic systems for commercial and military use; and truck and automotive drive train and powertrain systems for performance, fuel economy and safety.

Founded in 1911, Eaton Corporation is a diversified power management company with approximately 70,000 employees and sells products to customers in more than 150 countries. Developed in 1988 by the Ohio Department of Development (ODOD) in conjunction with the Ohio Treasury, OEBF provides a source of low-cost borrowing for qualified Ohio businesses. These funds will help retain and create jobs and promote economic development and financial security throughout the state. To date, the Ohio Treasury has issued $500,140,000 in bonds to support 100 individual OEBF projects across 38 counties.

The mission of the Ohio Treasury is to protect and invest state funds while providing innovative financial education and resources, empowering Ohioans to make smart money choices.