The Eaton Corporation has decided to shut down its Berea Ohio factory where it manufacturers quick-connect couplings for hydraulic lines. More than 100 will lose their jobs.
The first layoffs will begin in April 2017 and the plant will be closed by December.
Eaton plans to buy the couplings from another manufacturer and ship them to a plant it owns in Mexico where workers will assemble them. Shares in Eaton peaked in 2014 at about $80. On Friday it closed just above $60 a share. The company will redistribute the wages of its soon to be former employees to rich shareholders in order to jack up share prices. Eaton management has been doing this since 2014.
Eaton cut some 2,500 jobs in 2015, closing eight factories in an effort to boost its declining share price. It is likely many of these jobs were exported to Mexico.
Eaton describes itself as a diversified industrial manufacturer of power management technologies, including electrical, hydraulic and mechanical power. Eaton’s products are used in mining, oil, solar, wind, other electrical systems, agricultural equipment and large trucks.