Power management company Eaton Corporation PLC ETN said it will invest more than $500 million in its North American manufacturing and operations to support the demand for its electrical solutions.
The company is expanding manufacturing and bolstering resilience to increase the supply of its solutions for customers in utility, commercial, healthcare, industrial and residential markets across North America.
Investments in Texas and Wisconsin are expected to increase U.S. manufacturing of essential utility solutions to boost electrification, grid modernization and energy resilience. The expansion will create more than 200 skilled manufacturing jobs.
"At Eaton, we're all in on the energy transition, and our solutions are essential to reinvent the way power is distributed, stored and consumed," said President, Americas Region, Electrical Sector, Mike Yelton.
The company will add 200,000-square-feet to its Nacogdoches, Texas manufacturing facility, more than doubling its size.
Most of the proposed investments will be complete in 2024 and 2025.
Price Action: ETN shares traded higher by 0.02% at $224.30 on the last check Monday.
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