Cooper Announces Acquisitions of GS Metals and Clarity Lighting
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Continues to transition product portfolio towards more technology-oriented and end-user specified solutions
HOUSTON, December 11, 2007 -- Cooper Industries, Ltd. (NYSE:CBE) today announced that it has acquired Illinois-based GS Metals, a leading manufacturer of customized metal safety grating systems, bolted framing, and ladder and wire basket cable tray, and United Kingdom-based Clarity Lighting, a designer and manufacturer of light-emitting diode ("LED") architectural lighting and control solutions. Expected full year sales for the two companies combined in 2007 are approximately $55 million and the combined purchase price is $49 million.
"Cooper is committed to building upon our core businesses, enhancing them by adding more technology and end-user specified products into the portfolio so that we can better serve our customers," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "The acquisition of GS Metals complements our existing Cooper B-Line product offerings and enables us to offer more highly-engineered and customizable safety and support solutions to our customers in the industrial and commercial construction end-markets. Clarity Lighting, which will report through Cooper Menvier, specializes in White Light and Red/Green/Blue LED color-changing technical lighting for commercial construction applications and signals our ongoing commitment to further strengthening our existing global offering in LED solutions."
Cooper Industries has now announced the completion of ten acquisitions and joint-ventures in 2007 and maintains a highly-disciplined acquisition strategy with three dominant priorities: building out strategic platforms that strengthen the core businesses with complementary or adjacent products; adding more end-user specification and technology solutions to transition the product portfolio towards more value-added solutions for our customers; and enhancing the global footprint.
"We are focused on acquiring businesses that will enable Cooper to be a faster growing, more profitable, less cyclical, more global, and more solution-oriented company over time," concluded Hachigian.
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 RelationsCooper Industries
713-209-8610
Jon.Safran@Cooperindustries.com
