Eaton announced the proposed public offering of 17,500,000 of its common shares.

The corporation has set the price for the shares to the public of $84 per share. Eaton has also granted the underwriters an option to purchase an additional 1.75 million common shares to cover over-allotments.

The proceeds are expected to be used to repay borrowings made under the company's revolving credit facility, entered into on January 25, 2008, or to repay commercial paper issued under the backstop provided by the facility. The borrowings were incurred to fund the acquisitions of Moeller and Phoenixtec.