Shares of Eaton Corporation (ETN) just keep rising, climbing from sub-$74.50 levels on Thursday's open, to nearly $77 in early Friday trading. Many investors may be scratching their heads at the recent rally, but not TheStreet's Jim Cramer.

Many may have missed Eaton management's recent comments at a Morgan Stanley conference in Laguna Beach, CA., he pointed out. During the conference, they said, "our markets are benefiting from the return of growth around the world in industrial activity."

The growth is very strong in China and very strong in Europe, Cramer said, noting that it's less so in the U.S. but there are signs of acceleration. The 1% to 3% organic growth is quite promising, particularly after seeing very little growth before, he reasoned.

"This is the industrial renaissance I keep talking about," he added. It's being led by Europe while China is doing pretty good, too. As for Eaton, Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, called it a "remarkable" company.

"Eaton is a bread-and-butter, classically good company," he concluded.

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.

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