Cooper Industries Announces Acquisition of Martek Power for EUR130

Cooper Industries plc CBE today announced the acquisition of Martek Power, a manufacturer of power electronic components for approximately euro 130 million (inclusive of assumed debt). Martek specializes in the manufacture of highly specialized power management devices for the military, heavy-duty transportation, aerospace, medical, telecom and hybrid/electrical vehicle markets. Martek will become part of the Cooper Bussmann division of Cooper Industries. "The acquisition of Martek provides a significant strategic expansion of Cooper Bussmann's portfolio of power electronic and power conversion applications. The addition of Martek will take our current strength in power management for the military/aerospace and North American transportation markets and extend it into key verticals such as medical, telecom, data storage, European transportation and the high growth hybrid/electrical vehicle markets," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "Additionally, Martek's proven R&D capabilities in industrial and mission critical power management applications which combined with Bussmann's expertise will expand our capabilities to deliver advanced power management solutions to a large universe of customers with high-reliability needs." Mr. Hachigian concluded, "Martek provides a key addition to our acquisition growth strategy for the Bussmann Transportation portfolio, bringing that business to $220 million in annual revenues. And with a customer base balanced across North America and Europe, Martek will strengthen Transportation's presence within each of those geographic markets."