Eaton Corp. Likely to Leave Downtown Cleveland

Diversified industrial manufacturer Eaton Corp., Cleveland's largest Fortune 500 company, is likely to move its corporate headquarters from downtown to Beachwood, Ohio.

Eaton Corp. CEO Sandy Cutler said in a statement released by the company today that the Chagrin Highlands development has emerged as the leading location for the company's relocation plans.

Eaton had been negotiating to keep its headquarters downtown by moving to a new development on the East Bank of the Flats, spearheaded by Scott Wolstein's development company, Flats East Development LLC.

A near 9 acre parcel on the East Bank was the expected location for Eaton's new downtown corporate headquarters campus, but the company did not say today why it has apparently turned its back on that deal.

Eaton has been headquartered at 1111 Superior Avenue, but has made clear its intention to move to a new location by 2011, the 100th annivesary of the company. It employes approximately 500 people at its downtown location.

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Cutler said in a statement, "we evaluated a number of locations with the intent of maintaining our strong commitment to thisregion while at the same time locating our offices at a site capable of supporting both our continuing growth and the full functional capabilities of a world-class headquarters building."

The Chagrin Highlands location is near I-271 in Beachwood and would be developed by the Richard E. Jacobs Group.

Cleveland Mayor Frank E. Jackson said the city had made an "unprecedented retention offer" to Eaton and that he is disappointed in Eaton's decision.

Jackson stated, "while the Flats East Bank site is a prime site on the lakefront, its nine acressimply wasn't enough to meet the growing needs of Eaton in the future nor was being located next to a working port compatible with Eaton's facility needs."

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A full text of the Mayor's reaction statement is available by clicking the link provided.