Table of Contents
Investment thesis .............................................................................. 3
Summary tables................................................................................. 5
Key industry trends ........................................................................... 7
Key company trends........................................................................ 21
Danaher ............................................................................................ 31
Dover ................................................................................................ 39
Eaton................................................................................................. 49
Emerson Electric.............................................................................. 57
General Electric................................................................................ 67
Hexcel ............................................................................................... 79
Honeywell ........................................................................................ 87
Ingersoll-Rand.................................................................................. 95
ITT Corporation.............................................................................. 103
Kaydon Corporation ...................................................................... 111
Parker-Hannifin .............................................................................. 119
Regal-Beloit Corp........................................................................... 129
Rockwell Automation.................................................................... 137
SPX Corporation ............................................................................ 145
Stanley Works................................................................................ 153
Tyco International.......................................................................... 161
United Technologies ..................................................................... 169
Appendix A..................................................................................... 177