Eaton Corp. Shedding 20% Of Jobs At Iowa Plant, Part Of Company-Wide Laborforce Reduction

Belmond, IA (AHN) - Eaton Corp. is shedding 20 percent of the 360 jobs at its Belmond, IA plant to cut costs enough to keep it open.

The company announced it would cut 78 jobs at the end of January because of a drop in demand for the engine machine valves it makes there.

Ohio-based Eaton Corp. (NYSE:ETN), has over 200 operations worldwide and produces electrical and fluid power systems.

A company spokesman said the job cuts at its northern Iowa plant are part of a company-wide reduction in labor and that affected employees would be given a competitive severance package.

Belmond city government officials reportedly say that they are trying to find ways to cope with the job losses at Eaton, which is the town's third largest employer.