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Eaton (ETN) Closes Purchase of Cooper Industries (CBE)

 November 30, 2012 04:00 PM

(By Balachander) Eaton Corp. (NYSE: ETN), a power management company, said it has closed its $13 billion acquisition of supplier of electrical equipments Cooper Industries Plc (NYSE: CBE).

The deal, which was announced in May, combines Eaton and Cooper into a new global power management company named Eaton Corporation Plc.

"Cooper adds proven capabilities in utility power distribution....wiring devices, and safety solutions to Eaton's strengths in power quality, power distribution and energy services," Eaton said in a company press release.

[Related -Jobs Report Quells Taper Talk]

Combining the results of Eaton and Cooper for the four quarters ending September 30, 2012, Eaton Corporation Plc had pro forma revenues of $21.8 billion and EBITDA of $3.3 billion.

Shares of Eaton Corporation Plc will begin trading on the New York Stock Exchange under the symbol ETN on Monday, December 3, 2012.

Eaton said it will soon be announcing the organizational structure for the combined operations. The company expects the entire integration process will take 24 to 36 months, depending on business conditions. The new company has roughly 100,000 employees.

ETN shares dipped 0.08 percent to trade at $51.95 on Friday.

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