Eaton Corporation plc Completes Acquisition of Cooper Industries to Form
Premier Global Power Management Company
DUBLIN -- November 30, 2012
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.
Photos/Multimedia Gallery Available:
Gary Klasen, Media Relations, 216-523-4736
Donald Bullock, Investor Relations, 216-523-5127
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