Eaton Corporation plc (NYSE: ETN) and Cooper Industries plc (NYSE:CBE) today announced that Eaton has completed its acquisition of Cooper. The acquisition was announced on May 21, 2012 and combines Eaton and Cooper into a new, premier global power management company named Eaton Corporation plc.
“The $13 billion acquisition of Cooper, the largest in Eaton’s 101-year history, is a transformational milestone that expands our market segment reach, broadens our portfolio of products, services, and solutions, and strengthens our global geographic footprint,” said Alexander M. Cutler, Eaton chairman and chief executive officer.
“Cooper adds proven capabilities in utility power distribution, smart grid, lighting, lighting controls, wiring devices, and safety solutions to Eaton’s strengths in power quality, power distribution and energy services,” Cutler said. “These complementary technologies further accelerate Eaton’s growth as a global integrated power management company focused on one of the most challenging megatrends of our time: the rising costs and increasing environmental impact of the world’s growing energy use.”
“The acquisition of Cooper Industries represents a great opportunity for Eaton to expand our product offering to better serve our end users,” added Tom Gross, vice chairman and chief operating officer, Eaton’s Electrical Sector. “In addition to growing our power distribution offering, we’ll now be able to offer distributors a host of lighting and control products, mass notification and safety solutions, and a broad range of wiring devices making Eaton an even more valuable business partner.”
Combining the results of Eaton and Cooper for the four quarters ending September 30, 2012, Eaton Corporation plc had pro forma revenues of $21.8 billion and EBITDA of $3.3 billion.
Cooper shareholders will receive the consideration to which they are entitled under the scheme of arrangement within 14 days.
Trading of Eaton and Cooper will continue on the New York Stock Exchange until the end of trading today and the ordinary shares of Eaton Corporation plc will begin trading on the New York Stock Exchange under the symbol ETN on Monday, December 3, 2012.
“We will soon be announcing the organizational structure for the combined operations,” Cutler said. “That leadership, working with a joint integration team of leaders from Eaton and Cooper, will be responsible for achieving the operational synergies we have identified. We anticipate the entire integration process will take 24 to 36 months, depending on business conditions.”
The new company, Eaton Corporation plc, has approximately 100,000 employees and sells products to customers in more than 150 countries.
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