Eaton Corporation, an international power management company, just recently completed a merger that would see its corporate headquarters moved to Ireland from its current location in Northeast Ohio, a move which would potentially save millions of dollars in US corporate taxes.
Eaton joins a list of companies that have moved their headquarters overseas in attempts to shield their profits from US corporate taxation. Among them is Cooper Industries, which merged with Eaton in 2012. Cooper Industries, which was originally a Texas-based company, lists its corporate headquarters as in Ireland as well. The primary reason is due to the 35% tax rate, as opposed to 12.5% in Ireland for example. Eaton Corporation is expected to save $165 million in taxes via the merger.
However, Eaton Corporation announced a slurry of contracts that it was awarded from the US government, including one valued at $35 million from the US Army Corps of Engineers. Others include a $10 million contract from the Department of Veteran Affairs and a $3.2 million lighting contract from the Pentagon. Eaton Corporation actually still continues to receive hundreds of millions of dollars in US government contracts which span from electrical power and grid equipment and hydraulics to truck components.
Eaton Corporation, founded in 1911, is listed on the New York Stock Exchange and reports annual revenue of $22.04 billion, with $1.86 billion in net income. With over 103,000 employees globally, Eaton sells its products in over 175 countries. Its current divisions include the electrical sector and industrial sector, which is further divided in aerospace, hydraulics, filtration and vehicle groups. Popular well-known brands belonging to Eaton include Aeroquip, Argo-Tech, Centurion, Crouse-Hinds, Bussmann, Moeller, Everflex, and many more.
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