Eaton Corporation (NYSE:ETN) today announced that its wholly owned subsidiary, Axcelis Technologies, Inc. (formerly named Eaton Semiconductor Equipment Inc.), has filed a registration statement with the Securities and Exchange Commission (SEC) for the initial public offering (IPO) of common stock.

On April 26, 2000, Eaton Corporation announced its intent to reorganize its semiconductor equipment operations into an independent company and conduct an IPO for this business. After the offering, Eaton will own more than 80% of the shares of this company. Eaton Corporation currently plans to complete its divestiture of the remaining Axcelis stock on a tax-free basis to Eaton Corporation shareholders approximately six months following the completion of the IPO, subject to receiving a favorable tax ruling and Board of Directors’ approval.

Eaton also announced the senior managers and directors of Axcelis. They are: Stephen R. Hardis, chairman; Brian R. Bachman, vice chairman and chief executive officer; Mary G. Puma, president and chief operating officer; and Alexander M. Cutler, director, all of whom currently hold senior management positions with Eaton Corporation. In addition to directors Hardis, Bachman and Cutler, director nominees of Axcelis are: Ms. Puma; Ned C. Lautenbach, partner of Clayton, Dubilier & Rice, Inc.; Philip S. Paul, chairman of Paul Capital Partners, L.L.C.; Naoki Takahashi, director, senior vice president and general manager of Sumitomo Heavy Industries, Ltd. Precision Products Division; and Gary L. Tooker, former chairman and chief executive officer of Motorola, Inc.

Goldman, Sachs & Co. and Morgan Stanley Dean Witter are the representatives of the underwriters for the offering. The public offering will be made only by means of a prospectus which, when available, may be obtained by writing or calling the underwriters.

The registration statement filed today has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy. There will not be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Axcelis Technologies, Inc.

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Axcelis Technologies, Inc., headquartered in Beverly, MA, is a leading producer of ion implantation equipment used in the fabrication of semiconductors. Axcelis also produces dry strip, photostabilization and rapid thermal processing equipment used in semiconductor manufacturing and provides extensive aftermarket service and support, including spare parts, equipment upgrades, maintenance services and customer training.

Axcelis’s net sales for 1999 were $397 million, with net income of $14 million. For the quarter ended March 31, 2000, Axcelis had net sales of $143 million and net income of $19 million. The name Axcelis is derived from the words accel and excel, signifying speed and excellence – key components of Axcelis’s business strategy.

About Eaton Corporation

Eaton Corporation, with 1999 sales of $8.4 billion, is a global manufacturer of highly engineered products that serve industrial, vehicle, construction, commercial and semiconductor markets. Principal products include electrical power distribution and control equipment, truck drivetrain systems, engine components, hydraulic products, ion implanters and a wide variety of controls. Headquartered in Cleveland, OH, the company has 63,000 employees and 195 manufacturing sites in 23 countries. Eaton’s Internet address is