Cooper Industries Announces the Acquisition of Cybectec Inc.
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New Products Offer Utilities Enterprise-Wide Access to Power System Data with Maximum Return on Investment
HOUSTON, January 29, 2007 -- Cooper Industries, Ltd. (NYSE: CBE) today announced the acquisition of Cybectec, Inc., a privately held worldwide provider of products and software systems designed to assist utilities in modernizing their automation systems with revenues of $8.5 million over the past twelve months. Cybectec will become part of the Cooper Power Systems division of Cooper Industries. With this acquisition, Cooper Power Systems expands its ability to provide customers enterprise-wide solutions allowing secure access to both operational and non-operational electrical system data. Financial terms were not disclosed.
Cybectec provides solutions that meet utilities' most demanding real-time and reliability requirements in a number of areas, including electrical power substation automation, integration, communication and instrumentation. Its Substation and Enterprise Solutions help utilities integrate substation controls into a cohesive automation system, providing complete, enterprise-wide access to substation data in a highly secure environment. Cybectec's flagship product, the Substation Modernization Platform(TM) Gateway(SMP) is a best-in-class communications device that concentrates and processes data in utility substations.
Cooper Industries Announces the Acquisition of Cybectec, Inc.
"The need to expand and update the automation capabilities of utility systems is widely recognized," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "Cybectec expands Cooper Power Systems' capabilities in this area with new products, software solutions, and expertise that will simplify the automation process for our customers. Not only are Cybectec's offerings ideal for new installations, they are particularly well-suited for modernizing and integrating legacy equipment."
The acquisition of Cybectec and the recently announced acquisition of Cannon Technologies, Inc. are part of a series of technology investments Cooper has made to broaden its range of energy automation capabilities. Cannon's automation technologies for monitoring, metering and energy management are used by over 400 utilities.
"Cooper is committed to providing state-of-the-art products and solutions to the utility industry. Its recent investments in various energy automation technologies were key to our decision to join forces with the company," said Cybectec Co-Founder Yves Racine. "Since our beginning in 1980, Cybectec has provided its customers with solutions that meet the most demanding real-time and reliability requirements in a number of areas, including electrical power substation automation, integration, communication and instrumentation. Cooper gives us the ability to expand our reach around the world."
About Cooper Power Systems
Cooper Power Systems, Inc., with revenues of approximately $1 billion, is a subsidiary of Cooper Industries, Ltd. (NYSE: CBE). Cooper Power Systems manufactures distribution transformers, distribution switchgear, reclosers, capacitors, protective relays, voltage regulators, automated switches, cable accessories, surge arrestors, transformer components and dielectric fluids, fuses and tools and it provides engineering services for the electrical and industrial markets. Through its acquisition of Cannon Technologies, Cooper Power Systems also delivers automated distribution solutions utilizing Yukon® Advanced Energy Services Platform including automated meter reading/advanced metering infrastructure, demand response, distribution automation and substation integration and monitoring. For more information, go to www.cooperpower.com or call 1-877-CPS-INFO.
About Cybectec
Privately held Cybectec, Inc. was founded in 1980 to provide technical consulting services and to develop custom hardware and software systems to the utility industry. Cybectec is headquartered in Saint-Jean-Chrysostome, Quebec, Canada. Sales and pre-sales engineering teams are located in Montreal, Canada. Cybectec solutions are implemented worldwide, including some of the largest utilities in North America. Utilities apply Cybectec products and solutions to provide complete, enterprise-wide access to operational and non-operational substation data in a highly secure environment. For more information, please visit cybectec.com.
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 29,000 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
Cooper Industries
713-209-8610
safran@cooperindustries.com
