Provides access to IEC electrical standards switchgear for the global marketplace
HOUSTON, October 2, 2007 -- Cooper Industries, Ltd. (NYSE:CBE) today announced a joint venture with the Nature Science and Technology Company ("Nature"), a privately-held medium voltage indoor switchgear manufacturer based in Zhejiang province, China. The joint venture, 60 percent controlled by Cooper, will allow Cooper Power Systems access to indoor switchgear products that meet International Electrotechnical Commission ("IEC") standards, expanding upon its current offerings that meet American National Standards Institute ("ANSI") electrical standards.
"This joint venture signals our commitment to build an IEC switchgear platform that we can sell in China and throughout the world," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "Nature has a strong reputation for research and development skill, as well as manufacturing capabilities. Their products are highly complementary to our own ANSI outdoor switchgear products and we can now offer a wider range of power equipment to service customers requiring high quality power transmission and distribution products. The ongoing infrastructure development, industrial investment and urbanization throughout the world, and especially in China, are generating a large demand for power and this joint venture positions Cooper to be a leading supplier to take advantage of this long-term global trend."
With 33 percent of sales currently outside the United States, globalization remains a key strategic initiative and growth opportunity for Cooper. China, in particular, has been an area of strong growth over the past several years and Cooper has won a number of high-profile projects across several of its divisions including: Cooper Power Systems manufacturing products for the world's largest capacitor bank project outside Beijing; Cooper Crouse-Hinds supplying explosion-proof electrical products for the PetroChina Dushanzi Petrochemical project; Cooper Lighting supplying outdoor architectural lighting solutions for several prominent sites including the Xian Gate and the Hangzhou Bay Bridge; and Cooper Menvier providing a central battery emergency lighting solution for the "Water Cube", the 2008 Olympic aquatic venue.
In addition to the Nature joint venture, Cooper has closed six acquisitions in 2007 and maintains a highly-disciplined acquisition strategy, building out strategic platforms that strengthen the core businesses with complementary or adjacent products, add more end-user specification and technology into the portfolio, and enhance the 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 marketing and selling platform for Cooper's sales to electrical distributors. For more information, visit the website at www.cooperindustries.com.
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