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Eaton Corporation (Wiki entry; NYSE: ETN)
Secondary offering April 2008 (24x7wallst). They offered 17.5 millions of shares at $84, and the proceedings is about $1.43 billion.
Business Overview (diversified manufacturing)
Electricity power equipment; truck powertrain & fuel systems; aerospace fuel and hydraulics systems
Thesis
Upgrade of US electricity grid (near term, the US electricity infrastructure is tired), smart power grid (long term);
BRIC opportunities esp. China (I saw they have a lot manufacturing facilities in China).
Stock ownership
Dodge Cox added a big position in Q1 2009 (MSN moneyCentral)
Buffett also has bought a stake last year (GuruFocus).