US-based diversified power management company Eaton Corp yesterday said that it will acquire electrical equipment maker Cooper Industries for $11.8 billion in a cash-and-stock deal in order to expand its services to the electrical industry.
Ireland-based Cooper, which in 2011 walked away from its two-month quest to acquire its British rival Laird Plc for $871 million, is one of the oldest large companies in the US having started off as a foundry and later diversified into electrical components and tools, mainly through aggressive acquisitions.
Founded in 1833 by brothers Charles and Elias Cooper, the company was initially called the C&E Cooper Company and started operations at Mt. Vernon, Ohio, as a foundry making plows, hog troughs, kettles and stoves.
With 2011 revenues of $5.4 billion, the company has seven operating divisions with leading market share positions with products and brands in electrical and electronic fuses, explosion-proof electrical equipment, lighting fixtures and power systems products.
It divisions include Bussmann electrical and electronic fuses, Crouse-Hinds and CEAG explosion-proof electrical equipment, Halo and Metalux lighting fixtures, and Kyle and McGraw-Edison power systems products.
It is a global leader in power distribution, power quality, control and automation, power monitoring, and energy management products and services.