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 plan period ended March 31, 1994
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 17 pages.
The cover page consists of 1 page.
The Exhibit Index is located on page 16.
<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 Assets Available for
Plan Benefits 4
Statements of Changes in Assets Available
for Plan Benefits 5
Notes to Financial Statements 6
Exhibit
The following exhibit is filed herewith:
Exhibit
Number
(23) 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
September 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 assets available for plan
benefits of the Aeroquip Corporation Retirement Savings Plan for Hourly
Employees as of March 31, 1994 and December 31, 1993 and the related
statements of changes in assets available for plan benefits for the three
month period ended March 31, 1994 and each of the two years in the period
ended December 31, 1993. 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 assets available for plan benefits of the Plan at
March 31, 1994 and December 31, 1993 and the changes in its assets available
for plan benefits for the three month period ended March 31, 1994, and each of
the two years in the period ended December 31, 1993, in conformity with
generally accepted accounting principles.
/S/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Toledo, Ohio
September 2, 1994
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<PAGE>
STATEMENTS OF ASSETS AVAILABLE FOR PLAN BENEFITS
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
March 31 December 31
1994 1993
[Note 1]
ASSETS
Contributions receivable from employer $ $ 2,297
Contributions receivable from employees 3,612
Value of interest in Master Trust - Note 7
Fixed Income Fund 73,028
Index Fund 10,183
Multi-Asset Fund 41,248
TRINOVA Stock Fund 3,117
127,576
ASSETS AVAILABLE
FOR PLAN BENEFITS $ 0 $133,485
========= ========
See accompanying notes
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<PAGE>
<TABLE>
STATEMENTS OF CHANGES IN ASSETS AVAILABLE FOR PLAN BENEFITS
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
<CAPTION>
Three Month
Period Ended
March 31 Year Ended December 31
1994 1993 1992
<S> <C> <C> <C>
ADDITIONS
Contributions by employees $8,256 $31,846 $28,490
Contributions by employer 4,526 20,306 17,931
Net investment income
Interest earned 1,340 4,357 2,558
Dividends 60 259 110
Realized gains on sales of investments 10,124 518 57
Other - principally unrealized gains (losses)
on investments (10,348) 3,998 1,286
1,176 9,132 4,011
13,958 61,284 50,432
DEDUCTIONS
Benefits paid to participants 3,347 7,111
Investment management fees 10 10
Transfer to affiliated benefit plan [Note 1] 147,443
147,443 3,357 7,121
NET ADDITIONS (DEDUCTIONS) (133,485) 57,927 43,311
Net assets available for plan benefits
at beginning of period 133,485 75,558 32,247
ASSETS AVAILABLE FOR PLAN BENEFITS $ 0 $133,485 $75,558
AT END OF PERIOD ========= ======== ======
<FN>
See accompanying notes
</FN>
</TABLE>
-5-
<PAGE>
NOTES TO FINANCIAL STATEMENTS
AEROQUIP CORPORATION
RETIREMENT SAVINGS PLAN FOR HOURLY EMPLOYEES
MARCH 31, 1994
NOTE 1 - PLAN MERGER
At March 31, 1994, the Aeroquip Corporation Retirement Savings Plan for Hourly
Employees (the "Plan") and its assets available for plan benefits were merged
into the TRINOVA Corporation Retirement Savings and Profit-Sharing Plan (the
"TRINOVA Plan"), formerly the TRINOVA Corporation Retirement Savings and
Profit Sharing Plan for Corporate Employees. The assets available for plan
benefits merged into the TRINOVA Plan amounted to $147,443 and have been
included in net transfers to affiliated benefit plan in the statement of
changes in assets available for plan benefits for the three-month period ended
March 31, 1994.
The operation and provisions of the TRINOVA Plan are substantially the same as
the Plan's, except for the following. Participants will be able to
participate in six new investment funds; the Vanguard/Windsor II 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.
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 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 TRINOVA 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.
Additionally, Hazlehurst and Associates was terminated as recordkeeper of the
plan assets and The Vanguard Group was added as trustee and recordkeeper for
the TRINOVA Plan.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The accounting records of 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
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<PAGE>
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 3 - DESCRIPTION OF PLAN
The Plan is a defined contribution plan. Eligible participants include
all regular full-time hourly employees subject to a collective bargaining
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 are 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 6 and 3 participants at March
31, 1994 and December 31, 1993, 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.
-7-
<PAGE>
NOTE 3 - DESCRIPTION OF PLAN (Continued)
(2) Fixed Income Fund, selected by 37 participants at March 31,
1994 and December 31, 1993, 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 29 and 28 participants at March
31, 1994 and December 31, 1993, 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. This investment option was terminated effective March
31, 1994. Cash and cash equivalents from the liquidation of the fund's
shares will be transferred to the Vanguard Star Fund, which is a new
investment option under the TRINOVA Plan.
(4) Index Fund, selected by 14 participants at March 31, 1994 and
December 31, 1993, 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.
Aeroquip reserves the right to amend, modify or terminate the Plan at any
time.
NOTE 4 - 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
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.
-8-
<PAGE>
NOTE 5 - INCOME TAX STATUS
The Plan is intended to be qualified under section 401(a) of the Internal
Revenue Code, and Aeroquip has taken 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 6 - 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 employer's
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 capital 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 such 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.
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.
-9-
<PAGE>
NOTE 7 - 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"). The Master Trust holds the investment assets for the Plan and other
designated defined contribution plans of Aeroquip, its parent TRINOVA and
TRINOVA's other subsidiary. The following table presents the fair values of
investments in the Master Trust.
March 31 December 31
1994 1993
Investments at Fair Value:
Fixed Income Funds $253,510,747 $303,865,565
Vanguard Mutual Funds 72,165,164 46,310,371
Multi-Asset Funds 67,262,443 46,920,647
TRINOVA Stock Fund 15,786,370 12,317,310
Government Securities Fund 3,501,026 3,572,450
$412,225,750 $412,986,343
============ ============
Net investment income of the Master Trust is as follows:
Three Months
Ended
March 31 Year Ended December 31
1994 1993 1992
Net investment income:
Interest earned $ 5,410,175 $21,924,851 $23,821,843
Dividends 172,192 2,182,874 1,345,912
Realized gains 12,116,175 1,758,587 1,388,865
Other-principally
unrealized
gains/(losses) (13,921,145) 10,234,251 2,922,290
$ 3,777,397 $36,100,563 $29,478,910
=========== =========== ===========
At March 31, 1994 the assets of the Plan were merged into the TRINOVA Plan,
therefore the Plan has zero interest in the net assets of the Master Trust at
that date. At December 31, 1993, the Plan's interest in the net assets of the
Master Trust was approximately .03 percent. 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.
-10-
<PAGE>
NOTE 7 - 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
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
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<PAGE>
NOTE 7 - 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>
<TABLE>
NOTE 8 - 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>
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $ 5,909 $73,028 $10,183 $41,248 $3,117 $133,485
ADDITIONS
Contributions
Employees 909 4,303 632 2,091 321 8,256
Employer 221 2,443 441 1,154 267 4,526
1,130 6,746 1,073 3,245 588 12,782
Net investment income
Interest earned 1,327 14 (9) 8 1,340
Dividends 45 15 60
Realized gains on sales
of investments
Aggregate proceeds 16 10,108 10,124
Aggregate cost
16 10,108 10,124
Other - principally unrealized gains
(losses) on investments (412) (10,179) 243 (10,348)
1,327 (337) (80) 266 1,176
1,130 8,073 736 3,165 854 13,958
DEDUCTIONS
Net transfers to affiliated
benefit plan 7,039 81,101 10,919 44,413 3,971 147,443
7,039 81,101 10,919 44,413 3,971 147,443
NET DEDUCTIONS (5,909) (73,028) (10,183) (41,248) (3,117)
(133,485)
ASSETS AVAILABLE FOR PLAN BENEFITS
AT MARCH 31, 1994 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
======= ======= ======= ======= ======= =======
</TABLE>
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<PAGE>
<TABLE>
NOTE 8 - 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, 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 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
(losses) 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
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1993 $5,909 $73,028 $10,183 $41,248 $3,117 $133,485
====== ======= ====== ======= ====== =======
</TABLE>
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<PAGE>
<TABLE>
NOTE 8 - 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 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
ASSETS AVAILABLE FOR PLAN BENEFITS
AT DECEMBER 31, 1992 $8,908 $40,120 $ 5,322 $20,156 $1,052 $ 75,558
====== ======= ====== ======= ====== =======
</TABLE>
-15-
EXHIBIT INDEX
Exhibit
Number Page
(23) Consent of Independent Auditors 17
-16-
Exhibit (23)
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, Registration Statement No. 33-28638 on Form S-8 dated
May 10, 1989, Registration Statement No. 33-54059 on Form S-8 dated June 10,
1994, and Registration Statement No. 33-55399 on Form S-8 dated September 8,
1994 of our report dated September 22, 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
March 31, 1993.
/S/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Toledo, Ohio
September 28, 1994
- -17-
