Cooper Announces the Acquisition of Polaron plc
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UK-based manufacturer of intelligent lighting control solutions
HOUSTON, March 14, 2007 -- Cooper Industries, Ltd. (NYSE:CBE) today announced that its subsidiary, Cooper Controls (U.K.) Limited, has acquired over 93 percent of the outstanding shares of Polaron plc, a publicly traded company (LSE:POL) based in the United Kingdom. Cooper Controls is exercising its right to acquire the remaining outstanding shares. The total purchase price is approximately £14.86 million. Polaron is a leading manufacturer of intelligent lighting control solutions predominantly in the non-residential market. For the year ended June 30, 2006, Polaron reported consolidated revenues of £23.7 million.
"We are excited to work with the management and employees of Polaron and combine their world-class intelligent lighting control solutions with our high quality Cooper Lighting products," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "The acquisition of Polaron provides us with a strong platform in lighting controls and allows us to deliver high technology content products in the global marketplace."
Polaron has a broad range of certified lighting solution products for use in office, hospitality, educational, and urban outdoors settings. Their architectural controls products allow customers to customize lighting environments that result in energy savings, creative ambiance, or enhanced productivity, safety and security. Polaron has designed and installed numerous high profile projects around the world, including Terminal 5 at London's Heathrow Airport and the Hong Kong Convention and Exhibition Center.
"Since March 2004 when Polaron was floated on AIM we have developed an excellent group of businesses involved in providing intelligent control solutions," said Joe Stelzer, Chief Executive of Polaron. "The acquisition by Cooper allows us access to greater investment and growth opportunities and extends our global reach."
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
safran@cooperindustries.com
