November 30, 2012 - Eaton Corporation plc and electrical equipment supplier Cooper Industries plc have concluded Eaton's $13-billion acquisition of the latter.
"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 chair 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 added. "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.
Trading of Eaton and Cooper will continue on the New York Stock Exchange until the end of trading today, while the ordinary shares of Eaton Corporation plc will begin trading on the exchange under the symbol ETN on December 3, 2012.
"We 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."
