Eaton Corporation takes over Cooper Industries: integration process to take 2-3 years
Eaton Corporation plc completed acquisition of Cooper industries which is a supplier of electrical equipment used in many industrial sectors. With the acquisition of Cooper…
Eaton Corporation plc completed acquisition of Cooper industries which is a supplier of electrical equipment used in many industrial sectors. With the acquisition of Cooper Industries plc, Eaton Corporation plc will transform into premier global power management company. This also considerably expands Eaton’s portfolio to include utility power distribution, power distribution, energy service, smart grid lighting and lighting controls, innovative safety solutions among others.
Cooper facilities in Chennai and Pondicherry were visited by an Eaton team to welcome employees. Eaton Corporation boasts of a number of innovative technologies which are being used by individuals and business facilities all over the world. Innovative power management systems help to reduce energy costs while lighting, wiring, hydraulics, pneumatics and power transmission systems are used in military, passenger and commercial vehicles.
Optimized drive train and powertrain systems are also manufactured by the company which helps to improve fuel efficiency rating greatly. The company also has experience in working with aerospace fuel and integrated systems for for various types of industrial and mobile equipment.
India auto news release: Eaton Corporation plc Completes Acquisition of Cooper Industries, Hosts Welcome Days for Cooper Employees in India
PUNE: Diversified industrial manufacturer Eaton Corporation plc (NYSE: ETN) today announced that following its acquisition of electrical equipment supplier Cooper Industries plc (NYSE:CBE), Eaton in India hosted welcome days with Cooper employees in the country during their first week with the company.
An Eaton team led by Raja Kochar, managing director – India and Anoop Nanda, managing director – Rest of Asia, Electrical Sector visited the Cooper facilities in Chennai and Pondicherry on December 04 and 05 respectively and addressed the employees as part of the welcome days.
Eaton completed its acquisition of Cooper on November 30, 2012. 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.”
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.
“We anticipate the entire integration process will take 24 to 36 months, depending on business conditions” Cutler said.
Eaton Corporation plc is a diversified power management company providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. The company is a global technology leader in electrical products, systems and services for power quality, distribution and control, power transmission, lighting and wiring products; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton acquired Cooper Industries plc in 2012. The new company, Eaton Corporation plc, has approximately 100,000 employees and sells products to customers in more than 150 countries. For more in-formation, visit www.eaton.com.
Statement Required By The Takeover Rules
The directors of Eaton accept responsibility for the information contained in this communication, other than that relating to Cooper, its associates and the directors of Cooper and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of Eaton (who have taken all reasonable care to ensure such is the case), the information contained in this communication for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
The directors of Cooper accept responsibility for the information contained in this communication relating to Cooper, its associates and the directors of Cooper and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of Cooper (who have taken all reasonable care to ensure such is the case), the information contained in this communication for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.