Cleveland–based Eaton Corp. will acquire Cooper Industries plc later this year and reincorporate by creating a new company in Ireland.
Eaton (NYSE: ETN) is an industrial manufacturer of products managing electrical, hydraulic, and mechanical power. It expects to close on its acquisition of Cooper Industries (NYSE: CBE), which is already based in Dublin, Ireland, in the fall of 2012.
Cooper Industries manufactures electrical components and tools. Its Cooper Crouse-Hinds division, which produces electrical equipment for harsh and hazardous environments, is headquartered at the corner of Wolf Street and 7th North Street in Salina.
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After the closing of the acquisition, which is valued at $11.8 billion, Eaton will form a new company incorporated in Ireland. That new company will be called Eaton Global Corp. Plc or a variation of that name, according to an Eaton news release. Eaton expects the new corporation to trade on the New York Stock Exchange under the ticker symbol ETN.
“We are both convinced that this combination of our businesses creates a highly, highly attractive enterprise with increased growth and earnings capabilities going forward,” Eaton Chairman and CEO Alexander Cutler said during a conference call. “Clearly, the acquisition of Cooper that we’re announcing today greatly strengthens us both in the power-control and distribution segments as well as lighting and safety, which are new areas for us.”
Eaton generated $16 billion in revenue in 2011, while Cooper Industries produced $5.4 billion in revenue in 2011. Eaton wants to reach annual sales growth between 12 percent and 14 percent by 2015.
Eaton Corp. employs 72,000 people worldwide, while Cooper Industries has 26,000 global employees. The Cooper Crouse-Hinds division generates $1 billion in annual sales.
Contact Seltzer at rseltzer@cnybj.com
