Cooper Industries Announces Agreement to Acquire HERNIS Scan Systems AS
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P.O. Box 4446
Houston, TX, 77210
Press release date: November 19, 2010
Acquisition would expand harsh and hazardous product offering and global presence in oil and gas, marine and petrochemical markets
DUBLIN, Nov 19, 2010 - Cooper Industries plc (NYSE: CBE) today announced the signing of an agreement to acquire Hernis Scan Systems AS (Hernis), a Norway-based manufacturer of closed circuit television (CCTV) systems for use in harsh and hazardous environments, from Hernis' parent company, Vislink plc (LSE:VLK.L). Hernis specializes in the manufacture of explosion-proof CCTV systems certified for use in onshore and offshore oil and gas, marine and petrochemical markets worldwide. Subject to obtaining approval from the shareholders of Vislink, and receipt of regulatory approvals, Hernis would become part of the Cooper Safety division of Cooper Industries.
"This will be the fourth acquisition we have made into our explosion-proof harsh and hazardous environment platform within the last year and demonstrates our commitment to enhancing our portfolio with additional technology and capability. Hernis represents a strategic fit with Cooper Safety's existing offering of explosion-proof beacons and sounders and Cooper Crouse-Hinds' global-leading portfolio of harsh and hazardous instrumentation solutions," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "Additionally, this strategic acquisition will support our globalization initiative, as Hernis has a significant global presence in the explosion-proof CCTV market, including strong market positions in both Europe and Asia."
"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 2,000 people.
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