DUBLIN Eaton Corp. plc has completed its acquisition of electrical equipment supplier Cooper Industries plc. The acquisition, first announced on May 21, combines Eaton and Cooper into a new, premier global power management company named Eaton Corporation plc.
The new Eaton Corporation plc now becomes 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.
“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 Cutler, Eaton chairman and CEO.
“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.
Ordinary shares of Eaton Corporation plc will begin trading on the New York Stock Exchange under the symbol ETN today.
Cutler added that the company will soon announce the organizational structure for the newly combined operations. “We anticipate the entire integration process will take 24 to 36 months, depending on business conditions,” he said.