IRS awards Eaton more than $26.6M in tax credits

The U.S. Internal Revenue Service (IRS) recently awarded Pittsburgh-based Eaton, an intelligent power management company, with more than $26.6 million in investment tax credits.

The tax credits were for more than $200 million in investments at Eaton’s Waukesha, Wis., and Nacogdoches and El Paso, Texas, facilities.

“Eaton is accelerating and simplifying the energy transition for our customers across industries with steady investments in U.S. manufacturing and workforce education programs,” Mike Yelton, Eaton Americas region president, electrical sector, said.

The IRS awarded Eaton a $1.3 million tax credit for its investments in Wisconsin. The company invested $22 million in equipment to increase manufacturing capacity of three-phase transformers.

The IRS awarded Eaton a $16.3 million tax credit for its investments in Nacogdoches. The company invested $100 million to add 200,000-square-feet to its existing manufacturing facility.

The IRS awarded Eaton a $9 million tax credit for its investments in El Paso. The company invested $80 million to increase production of circuit breakers, switchboards, panelboards and other assemblies. It will be opening a new facility and increasing capacity at its existing manufacturing plant.

Eaton manufactures products for the data center, utility, industrial, commercial, machine building, residential, aerospace and mobility markets. It serves customers in more than 160 countries, and reported revenues of $23.2 billion in 2023.