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Acquisition expands power conversion applications to key vertical and geographic markets
Dublin, July 28, 2011 -- Cooper Industries plc (NYSE: CBE) today announced the acquisition of Martek Power ("Martek"), a manufacturer of power electronic components for approximately euro 130 million (inclusive of assumed debt). Martek specializes in the manufacture of highly specialized power management devices for the military, heavy-duty transportation, aerospace, medical, telecom and hybrid/electrical vehicle markets. Martek will become part of the Cooper Bussmann division of Cooper Industries.
"The acquisition of Martek provides a significant strategic expansion of Cooper Bussmann's portfolio of power electronic and power conversion applications. The addition of Martek will take our current strength in power management for the military/aerospace and North American transportation markets and extend it into key verticals such as medical, telecom, data storage, European transportation and the high growth hybrid/electrical vehicle markets," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "Additionally, Martek's proven R&D capabilities in industrial and mission critical power management applications which combined with Bussmann's expertise will expand our capabilities to deliver advanced power management solutions to a large universe of customers with high-reliability needs."
Mr. Hachigian concluded, "Martek provides a key addition to our acquisition growth strategy for the Bussmann Transportation portfolio, bringing that business to $220 million in annual revenues. And with a customer base balanced across North America and , Martek will strengthen Transportation's presence within each of those geographic markets."
About Cooper Bussmann
Cooper Bussmann, the industry leader in critical circuit protection, power management and electrical safety, is a division of Cooper Industries (NYSE: CBE), and is headquartered in . The company is committed to the development, manufacturing and marketing of innovative circuit and power electronics protection and power management products; and provides engineering, training and testing services globally for the electrical, electronics and transportation industries. The company provides superior brands, including Cooper Bussmann® circuit protection products and services, Coiltronics® magnetics, and OMNEX Trusted Wireless® systems. Additional information about Cooper Bussmann is available online at http://www.cooperbussmann.com/.
About Cooper Industries
Cooper Industries plc (NYSE: CBE) is a global electrical products manufacturer with 2010 revenues of $5.1 billion. Founded in 1833, Cooper's sustained 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 seven operating divisions with leading market 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 2010 fifty-nine percent of total sales were to customers in the industrial and utility end-markets and thirty-nine percent of total sales were to customers outside the . Cooper has manufacturing facilities in 23 countries as of 2011. For more information, visit the website at http://www.cooperindustries.com/.