NEWS
Eaton buys Cooper in £7.3 billion megadeal

US electrical behemoth Eaton Corporation has bought Cooper Industries, including Cooper Lighting and Safety, for £7.3 billion.

The deal will create a global electrical supergroup called Eaton Global Corp. Based in Cleveland, Ohio, Eaton is parent to brands well known in the UK including MEM, Moeller and Cutler-Hammer.

Cooper manufactures lighting and electrical protection equipment. Its revenue was about £3.5bn last year, of which nearly one third came from its lighting and safety businesses.

Its UK business Cooper Lighting and Safety is one of the country’s largest lighting manufacturers, making a comprehensive range of mains and emergency lighting solutions for commercial and industrial applications. Based in Doncaster, the company is a division of Cooper Safety, the emergency lighting maker, and employs over 650 people.

The acquisition, recommended unanimously by the boards of both companies, is still subject to approval by shareholders and regulators. Cooper shareholders are expected to end up owning about 27 per cent of the new business. The transaction is due to be completed in the second half of this year.

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