Manufactures and sells electronic instrumentation and protection equipment for use in harsh and hazardous environments
HOUSTON, February 11, 2008 -- Cooper Industries, Ltd. (NYSE:CBE) today announced that its subsidiary, Cooper Controls (U.K.) Limited, has acquired more than 98 percent of the outstanding shares of The MTL Instruments Group plc ("MTL"), a publicly traded company (LSE:MTI) based in the United Kingdom, and will exercise its right under U.K. law to acquire the remaining outstanding shares. The total purchase price is approximately £144.3 million.
MTL is a leader in the development and supply of electronic instrumentation and protection equipment for use in hazardous environments. With over 6,000 active customers, many critical processes at the world's largest industrial facilities are monitored, controlled, or protected by MTL products. MTL has a strong global commercial footprint including operations in India, China, and the Middle East. For the year ended December 31, 2006, MTL reported consolidated revenues of £85.3 million.
"We are very pleased to add MTL to our Cooper Crouse-Hinds portfolio and increase the breadth of our harsh and hazardous product offerings," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "MTL has a strong reputation for innovation, product quality, and excellent customer service and we believe that this transaction will accelerate the growth of Cooper Crouse-Hinds within the global petrochemical and energy markets. Additionally, we believe that we can leverage MTL's technology assets in process automation and instrumentation to build the next generation of intelligent explosion-proof products, which will deliver significant value to our customers."
"Over the past 35-plus years, MTL has developed industry-leading technology in instrumentation and protection equipment that serves as the interface between sensors and the main control system in a facility," commented Dr. Graeme S. Philp, Chief Executive of MTL. "Cooper Crouse-Hinds provides the electromechanical devices that create the infrastructure for power delivery in many of the same facilities around the world. The combining of MTL with Cooper Crouse-Hinds, therefore, will foster the development of innovative and integrated solutions for customers who want hazardous area protection equipment around the world."
The MTL acquisition closely follows the Cooper's disciplined three-tiered acquisition strategy: building upon the existing explosion-proof electrical products platform; adding significant technology offerings for our customers in harsh and hazardous environments; and enhancing our global footprint, as MTL is particularly strong in developing markets.
About Cooper Industries
Cooper Industries, Ltd. is a global manufacturer with 2007 revenues of $5.9 billion, approximately 87 percent of which are from electrical products. Incorporated in Bermuda with administrative headquarters in Houston, Cooper employs approximately 31,500 people and operates eight divisions: Cooper B-Line, Cooper Bussmann, Cooper Crouse-Hinds, Cooper Lighting, Cooper Power Systems, Cooper Safety, Cooper Wiring Devices and Cooper Tools. 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.
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