Cooper Industries Acquires Crompton Lighting
2 November 1999
Cooper Industries Acquires Crompton Lighting; Acquisition Boosts Cooper's European Product OfferingsHOUSTON, Nov. 1 -- Cooper Industries, Inc. announced today that it has acquired Crompton Lighting, a privately held company headquartered in Guisely, England. Crompton, with 1998 revenues of $69 million, is a manufacturer of lighting fixtures and specialty lamps. Approximately 630 people are employed at Crompton's two manufacturing facilities in Guisely and Doncaster. "This acquisition presents an exciting opportunity for Cooper, as we accelerate the pace at which we expand our worldwide electrical products business," said H. John Riley, Jr., chairman, president and chief executive officer, Cooper Industries. "We expect to rapidly integrate Crompton into our Cooper Menvier operation and capture the potential we've identified in the manufacturing, sales and distribution areas of the combined businesses." Over the last few years, Cooper has moved quickly to establish a sizeable presence in the European electrical products market. This effort began in earnest with Cooper's acquisitions of CEAG in 1995 and Menvier-Swain in 1997, and continued in 1999 with several significant acquisitions including Capri- Codec in France, JSB Electrical in the UK, and now, Crompton Lighting. With the combined annualized revenues of its electrical products businesses now exceeding $500 million, Cooper is becoming a significant supplier in the region. "Cooper Industries is committed to continued profitable growth, based on a strategy of investing in highly complementary, high-potential businesses. Consistent with that goal, the acquisition of Crompton enhances both Cooper's opportunities for top- and bottom-line growth and its position as a leading worldwide manufacturer of lighting and other electrical products," added Riley. 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 2,000 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.