Eaton Acquiring Cooper Industries, Incorporating in Ireland

The $11.8 billion deal "creates a game changer to serve the electrical industry," said Alexander M. Cutler, Eaton's chairman and CEO.

An $11.8 billion acquisition is combining Eaton Corporation's power management business with the electrical equipment business of Cooper Industries, with Eaton announcing the deal May 21. Assuming it closes as expected in the second half of 2012, the new company will be called Eaton Global Corporation Plc (or some variant of that name) and will be incorporated in Ireland, where Cooper is based, rather than in Cleveland, Ohio, where Eaton has its headquarters, according to the announcement posted by Eaton.

Cooper Industries includes a Cooper Safety division based in England that makes emergency lighting, fire safety and security systems, and intruder alarms. Cooper US, Inc.'s headquarters are in Houston. Eaton was founded in 1911, Cooper in 1833.

"This compelling combination of Eaton's power distribution and power quality equipment and systems with Cooper's diversified component brands, global reach, and international distribution creates a game changer to serve the electrical industry," said Alexander M. Cutler, Eaton's chairman and CEO. "We're excited about bringing together two great companies to create shareholder value and continue our global growth. This combination significantly expands our ability to better serve our customers with their demands for critical energy-saving technologies as they address the impact of the world’s growing energy needs."

"We are extremely pleased to become part of Eaton's global electrical business," said Kirk Hachigian, chairman and CEO of Cooper. "This combination creates endless opportunities to accelerate growth and serve our global customers through combining technology, distribution, penetrating important vertical industries, and entering new emerging markets. The two companies are a perfect fit in every respect."

The announcement said the combined company would have had historical 2011 revenues of $21.5 billion and EBITDA of $3.1 billion and is expected to generate approximately $535 million in annual synergies by 2016.

Download Center

HTML - No Current Item Deck
  • Free Safety Management Software Demo

    IndustrySafe Safety Management Software helps organizations to improve safety by providing a comprehensive toolset of software modules to help businesses identify trouble spots; reduce claims, lost days, OSHA fines; and more.

  • Complete Online Safety Training Courses

    Deliver state-of-the art, online safety training courses to your organization with IndustrySafe Training Management Software. Generate reports to track training compliance and automatically notify learners of upcoming or overdue classes.

  • Easy to Use Safety Inspection App

    Conduct inspections on the go with IndustrySafe’s mobile app. Complete safety audits at job sites and remote locations—with or without web access.

  • Track Key Safety Performance Indicators

    IndustrySafe’s Dashboard Module allows organizations to easily track safety KPIs and metrics. Gain increased visibility into your business’ operations and safety data.

  • Analyze Incident Data and Maintain OSHA Compliance

    Collect relevant incident data, analyze trends, and generate accurate regulatory reports, including OSHA 300, 300A, and 301 logs, through IndustrySafe’s extensive incident reporting and investigation module.

  • Industry Safe
comments powered by Disqus