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Short Take: Eaton to spin off chip unit

Eaton, which manufactures technology for the automotive, aerospace, construction and semiconductor industries, plans to spin off its chip equipment business into a separate unit, Eaton Semiconductor Equipment, in an initial public offeringt. Eaton today also promoted president and chief operating officer Alexander Cutler to chief executive officer and chairman, replacing Stephen Hardis in July.

Eaton, which manufactures technology for the automotive, aerospace, construction and semiconductor industries, plans to spin off its chip equipment business into a separate unit, Eaton Semiconductor Equipment, in an initial public offeringt. Eaton today also promoted president and chief operating officer Alexander Cutler to chief executive officer and chairman, replacing Stephen Hardis in July.