HOUSTON, December 2, 2008 -- Cooper Industries, Ltd. (NYSE:CBE) today announced that it has acquired Cyme International (“Cyme”) of St. Bruno, Quebec, Canada, a power engineering software and services provider that enables utility engineers to design, analyze and optimize their networks. Additionally, Cyme's products allow utilities to better manage power outages, leverage advanced metering infrastructure (“AMI”) data, integrate and manage distributed generation assets such as renewable sources of electricity, and maximize the productivity of their networks. Cyme will become part of the Energy Automation Solutions (“EAS”) group within Cooper Power Systems. Terms of the acquisition were not disclosed.
“This acquisition complements Cooper Power Systems' ability to provide utility customers with comprehensive smartgrid solutions to improve power quality, reliability and efficiency in their transmission and distribution networks,” said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. “Cyme's capabilities in power systems engineering and software development, coupled with our recent acquisitions of Cannon and Cybectec, enable Cooper to provide industry-leading automation solutions and â€˜smart' products that offer enhanced value to our utility customers.”
Cyme International was founded in 1986 with a mandate to provide high quality power engineering software solutions to the electrical industry worldwide. The company is recognized internationally as a world-class software provider with more than 5,000 copies of its software solutions installed around the world. These applications have been used in thousands of transmission and distribution projects in more than 100 countries.
“This is a natural integration of two companies who know that the smart grid is a business driver for utilities,” said Marc Coursol, President and CEO of Cyme. “We look forward to seeing our solutions and engineering services integrated into the Cooper Power Systems offering to better serve our mutual customers the world over.”
Cooper maintains a disciplined acquisition program focused on building out key growth platforms that strengthen the core businesses, adding more end-user specification and technology solutions into the portfolio, and enhancing the global footprint. “Cooper has an exceptionally strong balance sheet and we continue to look for opportunities that are tightly aligned with our acquisition strategy, even with the current macroeconomic volatility,” said Hachigian.
About Cooper Industries
Cooper Industries, Ltd. (NYSE: CBE) is a global manufacturer with 2007 revenues of $5.9 billion, about 87% of which are from electrical products. Founded in 1833, Cooper's sustained level of success is attributable to a constant focus on innovation, evolving business practices while maintaining the highest ethical standards, and meeting customer needs. The Company has eight operating divisions with leading market share positions and world-class products and brands including: Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2007, sixty percent of total sales were to customers in the industrial and utility end-markets and 34% of total sales were to customers outside the United States. Cooper, which has more than 31,500 employees and manufacturing facilities in 23 countries as of 2007,754/ is incorporated in Bermuda with administrative headquarters in Houston, TX. For more information, visit the wete at www.cooperindustries.com.
Director, Investor Relations