Cooper Announces Acquisitions of LED and Lighting Controls Businesses
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P.O. Box 4446
Houston, TX, 77210
Press release date: August 27, 2007
Expanding portfolio of energy efficient products
HOUSTON, August 27, 2007 -- Cooper Industries, Ltd. (NYSE:CBE) today announced that it has acquired Illinois-based io Lighting, a dedicated light-emitting diode ("LED") lighting fixture company, and Vermont-based Powerline Communications, Inc. ("PCI"), a manufacturer of digital lighting control panels. Expected sales for the two companies in 2007 are approximately $17 million and the combined purchase price is $22 million.
"These acquisitions signal Cooper's ongoing commitments to build upon our existing portfolio of energy efficient product lines and to add additional technology into the portfolio," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "io Lighting is a market leader in the United States for architectural LED-based lighting fixtures and this acquisition significantly enhances Cooper's position in the rapidly expanding LED market. The acquisition of PCI compliments our existing lighting controls offerings, as well as our recent acquisitions of Polaron plc and Novitas. With this acquisition, Cooper now brings to market a comprehensive suite of lighting controls solutions from architectural dimming to energy management systems including relays and occupancy sensors." io Lighting designs and manufactures technically advanced, environmentally friendly LED luminaries for the lighting design and architecture industries. The company has LED product lines in wall sconces and signage, linear floodlights, cove lighting and handrails and earned numerous product design awards since its founding in 2002, including "Best of Show" at Lightfair 2004. "io Lighting has built very strong capabilities in developing LED applications for architectural lighting and we are very excited to be part of Cooper Industries, where we will be able to accelerate our new product development and reach a broader customer-base," said Ann Reo, President of io Lighting.
PCI is a premier provider of Energy Management Systems products such as networked lighting controls relay panels. The company has completed over 20,000 installations at airports, office buildings, educational campuses, and other commercial and industrial locations around the world. Ken Desmond, President of PCI, stated, "PCI has a proud history of quality products and a commitment to service that has enabled our customers to realize significant energy efficiencies over the years. We look forward to joining Cooper and being a part of a much broader lighting controls solution."
Cooper Industries has now closed six acquisitions year-to-date and maintains a highly-disciplined acquisition strategy, building out strategic platforms that strengthen the core businesses with complementary or adjacent products, add more end-user specification and technology into the portfolio, and enhance the global footprint. About Cooper Industries Cooper Industries, Ltd. is a global manufacturer with 2006 revenues of $5.2 billion, approximately 85 percent of which are from electrical products. Incorporated in Bermuda with administrative headquarters in Houston, Cooper employs approximately 31,000 people and operates eight divisions: Cooper B-Line, Cooper Bussmann, Cooper Crouse-Hinds, Cooper Lighting, Cooper Menvier, Cooper Power Systems, Cooper Wiring Devices and Cooper Tools Group. Cooper Connection provides a common platform for Cooper's marketing and sales to electrical distributors. For more information, visit the website at www.cooperindustries.com.
For information contact: Jon Safran Director, Investor Relations Cooper Industries 713-209-8610 firstname.lastname@example.org