On November 30, 2012, diversified industrial manufacturer Eaton Corp. (NYSE: ETN) announced its completed $13 billion acquisition of electrical equipment supplier Cooper Industries plc (NYSE: CBE).
Initially announced on May 21, 2012, the acquisition combines Eaton and Cooper into a new global power management company named Eaton Corporation plc. The new company has approximately 100,000 employees and sells products to customers in more than 150 countries.
“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,” commented Alexander M. Cutler, Eaton's chairman and CEO.
More coverage:Eaton launches virtualization-ready intelligent UPS
“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.
He added, “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.”
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. 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,” Eaton's Cutler concluded. “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.”
Search for Surge Protection Devices in our Online Buyer's Guide
