News
Cooper Industries acquires UK based emergency equipment manufacturer MEDC
22 November 2004Cooper Industries, Ltd. (NYSE:CBE) today announced that it has acquired MEDC Limited, a U.K.-based, privately held company involved in the design, development, manufacture and application of manual, visual and audible alarms and public address speakers. MEDC's products are primarily used where there is a significant risk of explosion due to mixtures of gas, vapor, dust and air. MEDC's products also are specified for harsh industrial, marine and commercial environments. MEDC will become a part of the Cooper Crouse-Hinds division. Terms of the transaction were not released. Founded in 1975, MEDC is an internationally recognized and well-respected brand name. With headquarters in Pinxton, Nottingham, England, MEDC has a current annual revenue base of approximately £12Million ($22 Million U.S.D.). "MEDC is an outstanding strategic fit with our Crouse-Hinds business," said H. John Riley, Jr., chairman and chief executive officer of Cooper Industries. "The combination of Cooper Crouse-Hinds and MEDC will create an even stronger product platform to address the standards and requirements of the important IEC electrical equipment markets. MEDC also provides Cooper with a unique engineering expertise in explosion-proof alarms and loudspeakers, further allowing Cooper Crouse-Hinds to grow its served markets by providing an enhanced product offering to our global customer base."
Cooper Crouse-Hinds manufactures electrical products designed for hazardous commercial and industrial environments. Cooper Crouse-Hinds products are used in commercial and industrial applications, airport and obstruction lighting, oil, petrochemical, automation, mining, marine and entertainment applications. Cooper Industries, Ltd., with 2003 revenues of $4.1 billion, is a global manufacturer of electrical products and tools and hardware. Incorporated in Bermuda, the Company's administrative headquarters are in Houston, Texas. Cooper has more than 27,000 employees serving more than 100 locations around the world, and sells products to customers in more than 50 countries. For more information, visit the Company's Internet site, www.cooperindustries.com.
Statements in this news release are forward-looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company's earnings outlook and revenue growth. These statements are subject to various risks and uncertainties, many of which are outside the control of the Company, and actual results may differ materially from anticipated results. Important factors which may affect the actual results include, but are not limited to, the timing of integrating the acquired company into Cooper's Electrical Products segment, competitive pressures and future global economic conditions, including the level of market demand for the Company's products.