Cooper Industries Announces Acquisitions of Mount Engineering plc and Apex Lighting Controls
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P.O. Box 4446
Houston, TX, 77210
Press release date: November 10, 2010
Acquisitions expand extensive harsh and hazardous product portfolio and energy-efficient lighting technology offering
DUBLIN, Nov 10, 2010 - Cooper Industries plc (NYSE: CBE) today announced the acquisitions of Mount Engineering plc, a United Kingdom based manufacturer of specialty threaded adaptors and reducers for harsh and hazardous environments, and Apex Lighting Controls Ltd., a private manufacturer of Energy Management lighting controls also based in the UK.
Mount Engineering specializes in the manufacture and supply of thread-converting adaptors and reducers that are "Ex Certified" for use in potentially explosive or hazardous areas. Additionally, Mount Engineering is engaged in the sale and distribution of industrial valves and actuators to the oil, gas, petrochemical and process industries throughout the world. Mount Engineering will become part of the Cooper Safety division of Cooper Industries.
Apex Lighting Controls is an industry leader in delivering integrated lighting control systems and services to manage lighting and energy usage for commercial, government, and healthcare markets in Europe, the Middle East, and Asia. This acquisition complements Cooper's existing lighting controls business, notably the Greengate Energy Management products sold in North American markets, and enhances the overall portfolio with expertise in addressable ballast and digital control technologies. Apex Lighting Controls will become part of the Cooper Lighting division of Cooper Industries.
"The acquisition of Mount Engineering represents a strategic fit with Cooper Safety's existing offering of cable glands and Cooper Crouse-Hinds' extensive portfolio of harsh and hazardous solutions. Cooper's global-leading market position in harsh and hazardous electrical products and extensive distribution channel provides a great opportunity to expand Mount Engineering's offering worldwide," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "Additionally, the acquisition of Apex Lighting Controls demonstrates Cooper's ongoing commitment to enhance our existing portfolio of energy-efficient lighting products and continue to add advanced technology into the portfolio."
"Cooper has an exceptionally strong balance sheet and continues to maintain a focused and disciplined acquisition strategy," said Hachigian. "We remain committed to building key business and technology platforms that provide substantial growth in more specification-driven end markets."
About Cooper Safety
Cooper Safety is a leading manufacturer of emergency lighting, security, fire detection and notification systems also offering lighting fixtures, and electrical installation materials. Our well-known brands and products can be found in a whole variety of industrial, commercial, and domestic settings providing protection to both life and property by offering fire and security detection, and escape route illumination in the event of an emergency. Under normal conditions our products offer professional lighting solutions and high specification installation materials. Headquartered in Royal Leamington Spa, England, Cooper Safety comprises 11 different operating companies located in the UK, mainland Europe and North America. Together these businesses utilise in excess of 1 million square feet of modern manufacturing and warehousing space, and currently employ over 2000 people.
About Cooper Controls
Cooper Controls is a global force in lighting control, bringing together over 30 years of expertise ranging from architectural, through energy saving to entertainment markets. Within our portfolio we have world class brands, that when combined with the service and innovation of Cooper Industries, ensure that your installation will be cost effective, flexible and above all reliable. The focus for Cooper Controls is to be the global leader in lighting controls. Cooper Controls includes leading brands such as iLight, iLumin (iLight - North America), Greengate and Zero88.
About Cooper Industries
Cooper Industries plc (NYSE: CBE) is a global electrical products manufacturer with 2009 revenues of $5.1 billion. Founded in 1833, Cooper's sustained level of success is attributable to a constant focus on innovation, evolving business practices while maintaining the highest ethical standards, and meeting customer needs. The Company has seven operating divisions with leading market share positions and world-class products and brands including: Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2009, sixty-one percent of total sales were to customers in the industrial and utility end-markets and thirty-nine percent of total sales were to customers outside the United States. Cooper has manufacturing facilities in 23 countries as of 2009. For more information, visit the website at www.cooperindustries.com.
SOURCE: Cooper Industries plc
Director of Investor Relations