Cooper Industries to Acquire JSB Electrical
4 June 1999
Cooper Industries to Acquire JSB Electrical COOPER INDUSTRIES LOGO Cooper Industries' logo. (PRNewsFoto)[DM] HOUSTON, TX USA 05/13/1999Second European Acquisition of 1999 Expands Electrical Products Business HOUSTON, June 4 -- Cooper Industries, Inc. announced today that it has reached an agreement to acquire JSB Electrical plc for approximately $61 million, which includes the assumption of debt. JSB Electrical is a manufacturer of emergency lighting, fire detection and security systems which are sold primarily in Europe. JSB, a subsidiary of Emess plc, had 1998 revenues of $47 million. Located in Holmes Chapel, England, near Manchester, JSB employs approximately 250 people. Completion of the sale, which is expected to occur in the third quarter, is subject to governmental approvals and certain other customary closing conditions. "The acquisition of JSB Electrical is another important step in growing our European electrical products business," said H. John Riley, Jr., chairman, president and chief executive officer, Cooper Industries. "Adding JSB Electrical will round out our product offerings, increase our production capabilities and create additional opportunities to realize cost savings." JSB Electrical will become a part of the Cooper Menvier division of Cooper Industries. Cooper Menvier manufactures emergency lighting for commercial and industrial applications, and alarms and sensors for building security and safety systems. Headquartered in Banbury, England, Cooper Menvier has manufacturing facilities in the United Kingdom, Europe and Australia, with more than 1,700 employees worldwide. Cooper Industries, with 1998 revenues of $3.7 billion, is a worldwide manufacturer of electrical products, tools and hardware. Additional information about Cooper is available on the Company's Internet site: http://www.cooperindustries.com. Contact: John Breed of Cooper Industries, Inc., 713-209-8835.