Cooper Buys 2 Lighting Firms
HOUSTON, Aug. 28, 2007 -- Electrical products and tools manufacturer Cooper Industries Ltd. announced yesterday that it has acquired two lighting companies for $22 million.
Cooper Industries, which is incorporated in Bermuda but has its administrative offices in Houston, did not disclose the separate purchase prices for io Lighting and Powerline Communications Inc. (PCI). However, in a separate statement, VenCom Group, a Chicago-based private equity firm, said it sold io Lighting to Cooper for $16.65 million.
VenCom also said that io Lighting of Vernon Hills, Ill., a manufacturer of LED light fixtures for the lighting design and architecture markets, will become part of Cooper's Lighting division, one of the company's eight divisions.
PCI, based in South Burlington, Vt., provides energy management systems products, such as networked lighting controls relay panels, for commercial and industrial locations.
"These acquisitions signal Cooper's ongoing commitments to build upon our existing portfolio of energy-efficient product lines and to add additional technology into the portfolio," said Cooper Industries Chairman and CEO Kirk S. Hachigian in a statement.
Hachigian said acquiring io Lighting "significantly enhances Cooper's position in the rapidly expanding LED market. The acquisition of PCI compliments our existing lighting controls offerings, as well as our recent acquisitions of Polaron plc and Novitas. With this acquisition, Cooper now brings to market a comprehensive suite of lighting controls solutions from architectural dimming to energy management systems, including relays and occupancy sensors."
Expected sales for the two companies in 2007 are approximately $17 million, Cooper said.
For more information, visit: www.cooperindustries.com
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