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Cooper Power Buys Cannon Technologies

Sep 1, 2006 12:00 PM

Cooper Industries (Houston, Texas, U.S.) announced in mid-August that its subsidiary Cooper Power Systems Inc. has acquired Cannon Technologies Inc. (Minneapolis, Minnesota, U.S.), a provider of automation technologies for monitoring and metering, and energy management by electrical utilities.

The purchase was made from a private-equity fund managed by GFI Energy Ventures (Los Angeles, California, U.S.), the majority owner of Cannon, and the Cannon Technologies founders. Financial terms were not disclosed. Cannon Technologies founders Ed Cannon and Joel Cannon will continue to lead the business, which will operate as a part of the Cooper Power Systems division of Cooper Industries.

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