Eaton closes acquisition of Cooper Industries
Diversified industrial manufacturer Eaton Corporation plc and electrical equipment supplier Cooper Industries plc announced Tuesday that Eaton has completed its acquisition of Cooper. The acquisition was announced on May 21, 2012 and combines Eaton and Cooper into a new, 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 Eaton CEO Alexander M. Cutler.
Eaton has manufacturing plants in Arecibo, Coamo and Las Piedras. Currently the company generates 1,500 direct jobs in Puerto Rico.
“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 Sept. 30, 2012, Eaton Corporation plc had pro forma revenue of $21.8 billion and EBITDA of $3.3 billion.
The company will “soon be announcing the organizational structure for the combined operations,” Cutler said.
“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.”