Eaton Corporation plc Completes Acquisition of Cooper Industries to Form Premier Global Power Management Company
November 30 2012 - 2:01PM
Business Wire
Diversified industrial manufacturer Eaton Corporation plc (NYSE:
ETN) and electrical equipment supplier Cooper Industries plc
(NYSE:CBE) today announced that Eaton has completed its acquisition
of Cooper. The acquisition was announced on May 21, 2012 and
combines Eaton and Cooper into a new, premier global power
management company named Eaton Corporation plc.
“The $13 billion acquisition of Cooper, the largest in Eaton’s
101-year history, is a transformational milestone that expands our
market segment reach, broadens our portfolio of products, services,
and solutions, and strengthens our global geographic footprint,”
said Alexander M. Cutler, Eaton chairman and chief executive
officer.
“Cooper adds proven capabilities in utility power distribution,
smart grid, lighting, lighting controls, wiring devices, and safety
solutions to Eaton’s strengths in power quality, power distribution
and energy services,” Cutler said. “These complementary
technologies further accelerate Eaton’s growth as a global
integrated power management company focused on one of the most
challenging megatrends of our time: the rising costs and increasing
environmental impact of the world’s growing energy use.”
Combining the results of Eaton and Cooper for the four quarters
ending September 30, 2012, Eaton Corporation plc had pro forma
revenues of $21.8 billion and EBITDA of $3.3 billion.
Cooper shareholders will receive the consideration to which they
are entitled under the scheme of arrangement within 14 days.
Trading of Eaton and Cooper will continue on the New York Stock
Exchange until the end of trading today and the ordinary shares of
Eaton Corporation plc will begin trading on the New York Stock
Exchange under the symbol ETN on Monday, December 3, 2012.
“We will soon be announcing the organizational structure for the
combined operations,” Cutler said. “That leadership, working with a
joint integration team of leaders from Eaton and Cooper, will be
responsible for achieving the operational synergies we have
identified. We anticipate the entire integration process will take
24 to 36 months, depending on business conditions.”
Eaton Corporation plc is a diversified power management company
providing energy-efficient solutions that help our customers
effectively manage electrical, hydraulic and mechanical power. The
company is a global technology leader in electrical products,
systems and services for power quality, distribution and control,
power transmission, lighting and wiring products; hydraulics
components, systems and services for industrial and mobile
equipment; aerospace fuel, hydraulics and pneumatic systems for
commercial and military use; and truck and automotive drivetrain
and powertrain systems for performance, fuel economy and safety.
Eaton acquired Cooper Industries plc in 2012. The new company,
Eaton Corporation plc, has approximately 100,000 employees and
sells products to customers in more than 150 countries. For more
information, visit www.eaton.com.
Statement Required By The Takeover
Rules
The directors of Eaton accept responsibility for the information
contained in this communication, other than that relating to
Cooper, its associates and the directors of Cooper and members of
their immediate families, related trusts and persons connected with
them. To the best of the knowledge and belief of the directors of
Eaton (who have taken all reasonable care to ensure such is the
case), the information contained in this communication for which
they accept responsibility is in accordance with the facts and does
not omit anything likely to affect the import of such
information.
The directors of Cooper accept responsibility for the
information contained in this communication relating to Cooper, its
associates and the directors of Cooper and members of their
immediate families, related trusts and persons connected with them.
To the best of the knowledge and belief of the directors of Cooper
(who have taken all reasonable care to ensure such is the case),
the information contained in this communication for which they
accept responsibility is in accordance with the facts and does not
omit anything likely to affect the import of such information.
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