Eaton Corp. to Acquire Cooper Industries
Eaton Corp., a power management company located in Cleveland, has acquired Ireland-based Cooper Industries for $11.8 billion. Cooper Industries supplies electrical equipment and has a division that makes emergency lighting, intruder alarms and fire-safety and security systems.
The deal is expected to close in the second half of 2012.
The joint company, called Eaton Global Corp., will be based in Ireland.
“This compelling combination of Eaton’s power distribution and power quality equipment and systems with Cooper’s diversified component brands, global reach, and international distribution creates a game-changer to serve the electrical industry,” said Alexander M. Cutler, Eaton’s chairman and CEO. “We’re excited about bringing together two great companies to create shareholder value and continue our global growth. This combination significantly expands our ability to better serve our customers with their demands for critical energy-saving technologies as they address the impact of the world’s growing energy needs.”
“We are extremely pleased to become part of Eaton’s global electrical business,” said Kirk Hachigian, chairman and CEO of Cooper. “This combination creates endless opportunities to accelerate growth and serve our global customers through combining technology, distribution, penetrating important vertical industries, and entering new emerging markets. The two companies are a perfect fit in every respect.”