FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
Commission file no. 1-924
A. Full title of the plan:
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
B. Name of issuer of the securities
held pursuant to the plan and the
address of its principal executive office:
TRINOVA CORPORATION
3000 Strayer
Maumee, Ohio 43537-0050
This document, including exhibits, contains 19 pages.
The cover page consists of 1 page.
The Exhibit Index is located on page 18.
<PAGE>
REQUIRED INFORMATION
The following financial statements are furnished for the Aeroquip
Corporation Retirement Savings Plan for Hourly Employees:
Page
Report of Independent Auditors 3
Statements of Net Assets Available for
Plan Benefits 4
Statements of Changes in Net Assets Available
for Plan Benefits 5
Notes to Financial Statements 6
Exhibit
The following exhibit is filed herewith:
Exhibit
Number
(1) Consent of Independent Auditors
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
By: /S/ WILLIAM R. AMMANN
William R. Ammann
Vice President - Administration
and Treasurer
TRINOVA Corporation
June 28, 1994
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<PAGE>
REPORT OF INDEPENDENT AUDITORS
Administrative Committee
Aeroquip Corporation
Retirement Savings Plan for Hourly Employees
We have audited the accompanying statements of net assets available for plan
benefits of the Aeroquip Corporation Retirement Savings Plan for Hourly
Employees as of December 31, 1993 and 1992 and the related statements of
changes in net assets available for plan benefits for the years ended December
31, 1993 and 1992, and the period April 1, 1991 to December 31, 1991. These
financial statements are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
at December 31, 1993 and 1992 and the changes in its net assets available for
plan benefits for the years ended December 31, 1993, and 1992, and the period
April 1, 1991 to December 31, 1991, in conformity with generally accepted
accounting principles.
/S/ ERNST & YOUNG
ERNST & YOUNG
Toledo, Ohio
June 17, 1994
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<PAGE>
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
December 31
1993 1992
ASSETS
Contributions receivable from employer $ 2,297 $ 3,458
Contributions receivable from employees 3,612 5,450
Value of interest in Master Trust - Note 6
Fixed Income Fund 73,028 41,161
Index Fund 10,183 5,322
Multi-Asset Fund 41,248 20,195
TRINOVA Stock Fund 3,117 1,051
127,576 67,729
TOTAL ASSETS 133,485 76,637
LIABILITY
Accrued benefit payments to participants 1,079
NET ASSETS AVAILABLE
FOR PLAN BENEFITS $133,485 $75,558
======= ======
See accompanying notes
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<PAGE>
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
<CAPTION>
April 1,1991
to
Year Ended December 31 December 31
1993 1992 1991
<S> <C> <C> <C>
ADDITIONS
Contributions by employees $31,846 $28,490 $19,221
Contributions by employer 20,306 17,931 11,979
Net investment income
Interest earned 4,357 2,558 547
Dividends received 259 110 20
Realized gains on sales of investments 518 57
Other - principally unrealized gains
on investments 3,998 1,286 491
9,132 4,011 1,058
61,284 50,432 32,258
DEDUCTIONS
Benefits - paid to participants 3,347 7,111
Investment management fees 10 10 11
3,357 7,121 11
NET ADDITIONS 57,927 43,311 32,247
Net assets available for plan benefits
at beginning of year 75,558 32,247
NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT END OF YEAR $133,485 $75,558 $32,247
======= ====== ======
<FN>
See accompanying notes
</TABLE>
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<PAGE>
NOTES TO FINANCIAL STATEMENTS
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
DECEMBER 31, 1993
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accounting records of the Aeroquip Corporation Retirement Savings
Plan for Hourly Employees (the Plan) are maintained on the accrual basis.
Investment Valuation and Income Recognition
Marketable securities are stated at aggregate fair value and are valued
at the last sales price of the valuation period quoted by a national
securities exchange. The guaranteed investment contracts are stated at
contract value which approximates fair value. The difference between fair
value and the cost of investments is reflected in the statement of changes in
net assets available for plan benefits as unrealized gains (losses) on
investments.
Realized gains or losses on the sales of investments represent the
differences between the proceeds received upon sale and the cost of
investments sold, determined on an average cost basis.
Investment management fees are paid by the Plan, while all other
administrative expenses of the Plan are currently borne by the Plan sponsor,
Aeroquip Corporation (Aeroquip), a wholly-owned subsidiary of TRINOVA
Corporation, (TRINOVA).
Payment of Benefits
Effective January 1, 1993 the Plan changed its method of accounting for
benefits of employees who have withdrawn from participation in the Plan but
have not yet been paid. This change was made to conform with new guidance in
the American Institute of Certified Public Accountants Audit and Accounting
Guide "Audits of Employee Benefit Plans." The cumulative effect of this
change as of January 1, 1993 and the effect of the change on the 1993
financial statements was not material.
NOTE 2 - DESCRIPTION OF PLAN
The Plan is a defined contribution plan. Eligible participants include
all regular full-time hourly employees subject to a collective bargaining
-6-
<PAGE>
NOTE 2 - DESCRIPTION OF PLAN (Continued)
agreement at the Elkhart, Indiana facility of Aeroquip. Part-time employees
are generally not eligible to participate in the Plan.
The Plan became effective April 1, 1991. Participants may contribute to
the Plan on a pre-tax basis by payroll reduction up to 15 percent of their
annual compensation, in increments of 1 percent. Aeroquip will match
participant pre-tax contribution dollar for dollar up to the first 2 percent,
and 50 percent of the next 2 percent, of each participant's annual
compensation. The total amount contributed on behalf of each eligible
participant is subject to calendar-year limits of the Internal Revenue Code,
which is indexed and adjusted for changes in the cost of living.
Participants have an immediate and fully-vested interest in the portion
of the Plan accounts represented by their pre-tax elective deferrals to the
Plan, including any earnings on these amounts and Aeroquip's matching
contributions on participants' pre-tax elective deferrals, as well as earnings
thereon.
Each participant individually directs his or her contributions and
Aeroquip's contributions into one or more of the following investment funds
(in multiples of 10 percent).
(1) TRINOVA Stock Fund, selected by 3 and 4 participants at
December 31, 1993 and 1992, respectively, is invested in TRINOVA common
stock. Cash dividends paid on shares held by the Trust are used to
purchase additional shares for participant accounts. TRINOVA common
stock is acquired in open market purchases at fair value.
(2) Fixed Income Fund, selected by 37 and 30 participants at
December 31, 1993 and 1992, respectively, is invested in insurance
company investment contracts, bank investment contracts and their
equivalent. These contracts pay a negotiated interest rate for a period
of one to five years. Approximately every three months, Aeroquip
announces the interest rate which will be paid on all monies that are in
the Fixed Income Fund. This interest rate is a single blended rate of
the interest rates being paid on each of the contracts in force during
that period. New contracts are negotiated with insurance companies or
financial institutions rated AA+ by Standard and Poors or its equivalent
and have a maximum contract life of five years.
(3) Multi-Asset Fund, selected by 28 and 23 participants at
December 31, 1993 and 1992, respectively, is invested in nine major world
capital classes, including stocks and bonds of U.S. and international
companies, venture capital, real estate and cash equivalents. Brinson
Partners, Inc. is the investment manager of the Multi-Asset Fund.
(4) Index Fund, selected by 14 and 13 participants at December 31,
1993 and 1992, respectively, is managed by The Vanguard Group of
Investment Companies. Contributions to the fund are invested in stocks
of the companies and industry groups which make up the Standard & Poor's
500 Composite Stock Price Index.
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<PAGE>
NOTE 2 - DESCRIPTION OF PLAN (Continued)
Effective April 1, 1994, the Plan was merged into the TRINOVA Corporation
Retirement Savings and Profit-Sharing Plan (formerly known as the TRINOVA
Corporation Retirement Savings and Profit Sharing Plan for Corporate
Employees). Hazelhurst and Associates was terminated as recordkeeper of the
plan assets and The Vanguard Group was added as trustee and recordkeeper.
Participants will be able to participate in six new investment funds; the
Vanguard/WindsorII Fund, the Vanguard Morgan Growth Fund, the Vanguard
International Growth Portfolio, the Vanguard Star Fund, the Vanguard Fixed
Income Securities-Long Term Corporate Portfolio, and the Vanguard Money Market
Reserves-U.S. Treasury Portfolio. The Multi-Asset Fund option was terminated
March 31, 1994 and assets held under this option were transferred to the
Vanguard Star Fund. Investment directions will be made in 1 percent
increments and after-tax voluntary contributions up to 10 percent of annual
compensation will be allowable provided that pre-tax contributions have met
the limit allowable under IRS regulations. Participants of the TRINOVA
Corporation Retirement Savings and Profit-Sharing Plan will have general
purpose and home loans available. The minimum loan permitted is $1,000.
Under a general purpose or home loan, a participant may borrow up to the
lesser of one-half of his or her vested account balances or the total of his
or her pre-tax, match and roll-in contributions to the Plan, up to a maximum
of $50,000. In no event may the aggregate amount of loans exceed $50,000.
All loans will be repaid to the Plan in equal installments through payroll
deductions over a period up to five years for general purpose and twenty years
for home loans. Interest is charged at a reasonable rate, as determined by
the Administrative Committee.
Aeroquip reserves the right to amend, modify or terminate the Plan at any
time.
NOTE 3 - BENEFITS
A participant is entitled to the benefit provided by the contributions
and income thereon (including realized and unrealized gains and losses)
allocated to the participant's account.
Upon termination of employment due to retirement, total and permanent
disability or death, a participant or his or her spousal beneficiary will be
entitled to receive distribution of the participant's entire account without
regard to the Plan's vesting rules: (i) in one lump sum amount; or (ii) in
monthly installments of a fixed amount or over a specified period of time in
an amount of at least $100 per month. Distribution payments to non-spousal
beneficiaries will be made in a lump sum only. If the value of a
participant's account is less than $3,500, the Plan Administrator will
distribute the participant's entire interest in one lump sum payment.
Withdrawals of pre-tax contributions and Aeroquip's matching
contributions during a participant's employment are not permitted prior to age
59-1/2, unless the participant can show financial hardship for which he or she
has no other available resources. Such situations are limited to: (i) certain
medical expenses; (ii) payment of tuition and related educational fees for
-8-
<PAGE>
NOTE 3 - BENEFITS (Continued)
post-secondary education for the next year; (iii) costs related to the
purchase of a principal residence; or (iv) payments necessary to avoid
eviction from, or a foreclosure on the mortgage of, the participant's
principal residence.
NOTE 4 - INCOME TAX STATUS
The Plan is intended to be qualified under section 401(a) of the Internal
Revenue Code, and Aeroquip will take the appropriate steps to obtain a
favorable ruling from the Internal Revenue Service. Aeroquip believes the
Plan as written is in operational compliance with the Internal Revenue Code of
1986 as amended.
NOTE 5 - TAX EFFECTS ON PLAN PARTICIPANTS
The amount withdrawn by a participant during his or her employment from a
Plan account attributable to employee pre-tax contributions or employers
matching contributions will be subject to federal income tax at ordinary
income tax rates and may be subject to additional penalty or excise taxes, as
described below.
The amount of a distribution received in a lump sum is subject to Federal
income tax at ordinary income tax rates. However, a qualifying lump sum
distribution may be eligible under certain circumstances for special ten-year
or five-year averaging or capitol gains treatment. Whether a lump sum
distribution qualifies for special ten-year or five-year averaging or capital
gains treatment depends upon, among other things, a participant's age,
employment status, and dates of participation in the Plan. If a participant
receives TRINOVA common stock as part of a lump sum distribution, the excess,
if any, of the fair market value of the common stock over the cost of the
common stock is not subject to Federal income tax at the time of distribution
but generally will be subject to Federal income tax upon any subsequent
disposition of the common stock. However, a participant may elect, on the tax
return on which the distribution is required to be included, not to have such
excess excluded from Federal income tax in the year of distribution, in which
case the excess will be taxed in that year. If a distribution is made in
installments, each installment is taxed at ordinary income tax rates.
Any lump sum distribution that a participant receives from the Plan will
generally be subject to mandatory tax withholding. The Plan will withhold 20
percent of the taxable part of the participant's distribution to pay federal
income tax.
Certain penalty taxes may be imposed on the taxable portion of a
distribution or withdrawal from the Plan. The taxable portion of an in-
service distribution made to a participant prior to age 59-1/2 will be subject
to a 10 percent penalty tax unless certain exceptions apply. In addition, the
taxable portion of a distribution or withdrawal from the Plan and from an
individual retirement account (IRA) may be subject to a 15 percent excise tax
to the extent it aggregates more than a certain amount during any year.
-9-
<PAGE>
NOTE 5 - TAX EFFECTS ON PLAN PARTICIPANTS (Continued)
A participant, under certain circumstances, may directly roll over
amounts distributed from the Plan to another qualified plan or an individual
retirement account (IRA) and avoid mandatory federal withholding and penalty
taxes.
Participant contributions made on a pre-tax salary reduction basis are
not taxed for Federal income tax purposes, but are considered wages for
Federal Insurance Contribution Act (FICA) purposes.
Matching contributions and any other employee contributions are not
included in the participant's taxable wages for federal income tax purposes
when paid to the Plan, and are not considered wages for federal income tax
purposes or FICA purposes.
-10-
<PAGE>
NOTE 6 - VALUE OF INTEREST IN MASTER TRUST
The Plan's investments, except for loans, are held in safekeeping by The
Northern Trust Company as Trustee under a Master Trust agreement. The Master
Trust holds the investment assets for the Plan and other designated defined
contribution plans of the Company, its parent TRINOVA and TRINOVA's other
subsidiary. The following table presents the fair values of investments in
the Master Trust at December 31, 1993 and 1992.
December 31
1993 1992
Investments at Fair Value:
Fixed Income Funds $303,865,565 $305,179,819
Vanguard Mutual Funds 46,310,371 31,465,553
Multi-Asset Funds 46,920,647 34,861,689
TRINOVA Stock Fund 12,317,310 7,950,626
Government Securities Fund 3,572,450 2,463,161
$412,986,343 $381,920,848
========== ============
Net investment income of the Master Trust for the years ended December 31,
1993, 1992, and 1991.is as follows:
Year Ended December 31
1993 1992 1991
Net investment income:
Interest earned $ 21,924,851 $23,821,843 $29,017,148
Dividends received 2,182,874 1,345,912 455,339
Realized gains 1,758,587 1,388,865 3,651,815
Other-principally
unrealized gains 10,234,251 2,922,290 3,212,214
$ 36,100,563 $ 29,478,910 $36,336,516
========== ========== ==========
At December 31, 1993 and 1992, the Plan's interest in the net assets of the
Master Trust was approximately .03 percent and .02 percent, respectively. The
Plan's interest in any one fund does not correspond to the Plan's overall
investment in the Master Trust as participants in each plan select their
individual investment options. Investment income and administrative expenses
related to the Master Trust are allocated to the individual plans based upon
average monthly balances invested by each plan.
-11-
<PAGE>
NOTE 6 - VALUE OF INTEREST IN MASTER TRUST (Continued)
Fair values and costs of the Plan's interest in the net assets of the Master
Trust at December 31, 1993 are as follows:
Description Fair Value Cost
FIXED INCOME FUND
Aetna Life Insurance Contract
expiring in 1994 $ 2,516 $ 2,516
AILife Insurance Contract
expiring in 1997 5.077 5,077
Allstate Insurance Company
expiring in 1998 4,323 4,323
Allstate Insurance Company
expiring in 1997 1,615 1,615
Allstate Insurance Company
expiring in 1998 1,618 1,618
Bankers Trust Contract
expiring in 1996 5.647 5.647
Bankers Trust of Delaware Contract
expiring in 1996 7,803 7,803
Citibank N.A. Contract
expiring in 1998 5,004 5,004
Citibank Saver Contract
expiring in 1998 4,076 4,076
Lotsoff Secure
expiring in 1999 4,115 4,115
Metropolitan Life Insurance Contract
expiring in 1994 629 629
Metropolitan Life Insurance Contract
expiring in 1995 7,752 7,752
Metropolitan Life Insurance Contract
expiring in 1995 3,268 3,268
Metropolitan Life Insurance Contract
expiring in 1996 5,322 5,322
Prudential Insurance Contract
expiring in 1994 3,121 3,121
Prudential Insurance Contract
expiring in 1996 5.659 5.659
Cash and cash equivalents 5,476 5,476
Interest receivable 7 7
73,028 73,028
INDEX FUND
Vanguard Mutual Fund Pooled Index Fund
(205.98 shares) 9,028 8,301
Cash and cash equivalents 1,152 1,152
Interest receivable 3 3
10,183 9,456
-12-
<PAGE>
NOTE 6 - VALUE OF INTEREST IN MASTER TRUST (Continued)
Fair Value Cost
MULTI-ASSET FUND
Brinson Partners Multi-Asset Fund
(77.167 shares) 40,601 29,910
Cash and cash equivalents 646 646
Interest receivable 1 1
41,248 30,557
TRINOVA STOCK FUND
TRINOVA Corporation Common Stock
(76 shares) 2,385 1,834
Cash and cash equivalents 730 730
Interest receivable 2 2
3,117 2,566
TOTALS $127,576 $115,607
======= =======
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<PAGE>
NOTE 6 - VALUE OF INTEREST IN MASTER TRUST (Continued)
Fair values and costs of the Plan's interest in the net assets of the Master
Trust at December 31, 1992 are as follows:
Description Fair Value Cost
FIXED INCOME FUND
Aetna Life Insurance Contract
expiring in 1994 $ 2,750 $ 2,750
AILife Insurance Contract
expiring in 1997 3,213 3,213
Bankers Trust Contract
expiring in 1996 3,733 3,733
Bankers Trust of Delaware Contract
expiring in 1996 5,168 5,168
Citibank N.A. Contract
expiring in 1998 3,212 3,212
Metropolitan Life Insurance Contract
expiring in 1993 1,646 1,646
Metropolitan Life Insurance Contract
expiring in 1994 833 833
Metropolitan Life Insurance Contract
expiring in 1995 5,200 5,200
Metropolitan Life Insurance Contract
expiring in 1995 2,593 2,593
Metropolitan Life Insurance Contract
expiring in 1996 4,626 4,626
Prudential Insurance Contract
expiring in 1996 4,927 4,927
Cash and cash equivalents 3,257 3,257
Interest receivable 3 3
41,161 41,161
INDEX FUND
Vanguard Mutual Fund Pooled Index Fund
(129.99 shares) 5,326 5,043
Cash and cash equivalents (4) (4)
5,322 5,039
MULTI-ASSET FUND
Brinson Partners Multi-Asset Fund
(42.034 shares) 19,716 15,034
Cash and cash equivalents 478 478
Interest receivable 1 1
20,195 15,513
TRINOVA STOCK FUND
TRINOVA Corporation Common Stock
(49 shares) 1,047 1,056
Cash and cash equivalents 3 3
Interest receivable 1 1
1,051 1,060
TOTALS $67,729 $62,773
======= =======
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<PAGE>
<TABLE>
NOTE 7 - CHANGES IN ASSETS BY INVESTMENT OPTION
<CAPTION>
Fixed Vanguard Multi- TRINOVA
Contributions Income Index 500 Asset Stock
Receivable Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992 $ 8,908 $40,120 $ 5,322 $20,156 $1,052 $75,558
ADDITIONS
Contributions
Employees (1,839) 18,837 3,404 10,449 995 31,846
Employer (1,160) 12,684 2,069 6,050 663 20,306
(2,999) 31,521 5,473 16,499 1,658 52,152
Net investment income
Interest earned 4,273 5 28 51 4,357
Dividends received 221 38 259
Realized gains on sales
of investments
Aggregate proceeds 1,098 821 1,919
Aggregate cost 1,027 374 1,401
71 447 518
Other - principally unrealized gains
on investments 446 2,991 561 3,998
4,273 743 3,466 650 9,132
(2,999) 35,794 6,216 19,965 2,308 61,284
DEDUCTIONS
Benefit payments 1,433 498 1,173 243 3,347
Investment management fees 10 10
Net transfers 1,453 847 (2,300)
2,886 1,355 (1,127) 243 3,357
NET ADDITIONS (DEDUCTIONS) (2,999) 32,908 4,861 21,092 2,065 57,927
NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $ 5,909 $73,028 $10,183 $41,248 $ 3,117 $133,485
======= ======= ======= ======= ======= =======
</TABLE>
-15-
<PAGE>
<TABLE>
NOTE 7 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
<CAPTION>
Fixed Vanguard Multi- TRINOVA
Contributions Income Index 500 Asset Stock
Receivable Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1991 $ $23,177 $2,116 $ 6,943 $ 11 $32,247
ADDITIONS
Contributions
Employees 5,450 15,472 1,676 5,617 275 28,490
Employer 3,458 9,793 1,027 3,458 195 17,931
8,908 25,265 2,703 9,075 470 46,421
Net investment income
Interest earned 2,541 11 6 2,558
Dividends received 110 110
Realized gains on sales
of investments
Aggregate proceeds 455 181 636
Aggregate cost 437 142 579
18 39 57
Other - principally unrealized gains
(losses) on investments 196 1,099 (9) 1,286
2,541 324 1,149 (3) 4,011
8,908 27,806 3,027 10,224 467 50,432
DEDUCTIONS
Benefit payments 6,144 455 512 7,111
Investment management fees 10 10
Net transfers 4,719 (644) (3,501) (574)
10,863 (179) (2,989) (574) 7,121
NET ADDITIONS 8,908 16,943 3,206 13,213 1,041 43,311
NET ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992 $8,908 $40,120 $5,322 $20,156 $1,052 $75,558
====== ======= ====== ======= ====== =======
</TABLE>
-16-
<PAGE>
<TABLE>
NOTE 7 - CHANGES IN ASSETS BY INVESTMENT OPTION (Continued)
<CAPTION>
Fixed Multi- TRINOVA
Income Index Asset Stock
Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C>
ADDITIONS
Contributions
Employees $13,941 $1,310 $3,965 $ 5 $19,221
Employer 8,705 689 2 579 6 11,979
22,646 1,999 6,544 11 31,200
Net investment income
Interest earned 532 15 547
Dividends received 20 20
Unrealized gains on investments 98 393 491
532 118 408 1,058
23,178 2,117 6,952 11 32,258
DEDUCTIONS -- Investment management fees 1 1 9 11
NET ADDITIONS AND ASSETS AVAILABLE FOR
PLAN BENEFITS AT DECEMBER 31, 1991 $23,177 $2,116 $6,943 $11 $32,247
======= ====== ====== === =======
</TABLE>
-17-
EXHIBIT INDEX
Exhibit
Number Page
(1) Consent of Independent Auditors 19
-18-
Exhibit (1)
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in Post-Effective Amendment No. 1
to Registration Statement No. 33-9127 on Form S-3 dated August 28, 1987,
Registration Statement No. 33-19555 on Form S-3 dated January 15, 1988, Post-
Effective Amendment No. 2 to Registration Statement No. 33-14682 on Form S-8
dated April 28, 1989, Post-Effective Amendment No. 2 to Registration Statement
No. 33-17871 on Form S-8 dated April 28, 1989, Registration Statement No.
33-28638 on Form S-8 dated May 10, 1989, Registration Statement No. 33-31601
on Form S-8 dated October 20, 1989, Registration Statement No. 33-41840 on
Form S-8 dated July 26, 1991, Registration Statement No. 33-41841 on Form S-8
dated July 26, 1991 and Registration Statement No. 33-54059 on Form S-8 dated
June 10, 1994, of our report dated June 17, 1994 with respect to the financial
statements of Aeroquip Corporation Retirement Savings Plan for Hourly
Employees included in the Annual Report (Form 11-K) for the plan year ended
December 31, 1993.
/S/ ERNST & YOUNG
Toledo, Ohio
June 28, 1994
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