Cooper Industries Acquires Hyundai Explosion-Proof Electric Company
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South Korean manufacturer of explosion-proof electrical equipment
HOUSTON, December 3, 2007 -- Cooper Industries, Ltd. (NYSE:CBE) today announced the acquisition of Hyundai Explosion-Proof Electric Company ("HEPEC"), a South Korea-based manufacturer of explosion-proof electrical equipment. HEPEC specializes in explosion-proof Glass Reinforced Plastic ("GRP") lighting, control panels and switchgear and its products are highly complementary to the current Cooper Crouse-Hinds product offerings.
"This acquisition signals our ongoing commitment to strengthen the core businesses and enhance our global footprint," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "HEPEC has a strong reputation for innovative products and excellent quality and this acquisition will provide Cooper with increased access to the South Korean market, with its strong shipbuilding industry and where significant investment to upgrade domestic energy and petrochemical infrastructure is underway."
The HEPEC acquisition is the eighth deal announced by Cooper in 2007 and is strongly aligned with the company's disciplined three-tiered acquisition strategy focused on building out strategic platforms that strengthen the core businesses with complementary or adjacent products, adding more end-user specification and technology into the portfolio, and enhancing the Cooper's 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
Jon.Safran@cooperindustries.com
