Diversified industrial manufacturer Eaton Corporation plc (NYSE: ETN) and electrical equipment supplier 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.”
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Source: Business Wire