Eaton Corp. has completed its acquisition of Cooper Industries. The acquisition was announced on May 21, 2012, and combines Eaton and Cooper into a new, premier global power management company named Eaton Corp. plc.
“The acquisition of Cooper Industries represents a great opportunity for Eaton to expand our overall power distribution product offering,” said Tom Gross, vice chairman and chief operating officer, Eaton’s Electrical Sector. “In addition to creating accelerated growth, Cooper’s added capabilities allow us to further strengthen efforts to tackle one of the most challenging megatrends of our time: the rising cost and increasing environmental impact of the world’s growing energy use.”
Combining the results of Eaton and Cooper for the four quarters ending Sept. 30, 2012, Eaton Corp. plc had pro forma revenues of $21.8 billion and EBITDA of $3.3 billion.
Cooper shareholders will receive the consideration to which they are entitled under the scheme of arrangement within 14 days.
Trading of Eaton and Cooper will continue on the New York Stock Exchange until the end of trading today and the ordinary shares of Eaton Corporation plc will begin trading on the New York Stock Exchange under the symbol ETN on Monday, Dec. 3, 2012.
“We will soon be announcing the organizational structure for the combined operations,” Alexander Cutler, Eaton Chairman and CEO 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.”
Eaton Corp. plc is a diversified power management company providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. The company is 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. Eaton acquired Cooper Industries plc in 2012. The new company, Eaton Corp. plc, has approximately 100,000 employees and sells products to customers in more than 150 countries.