Eaton's Pending Acquisition of Cooper Receives Clearance from Competition Authorities in Russia and South Africa
Diversified industrial manufacturer Eaton Corporation (NYSE: ETN) today announced that its previously announced pending acquisition of Cooper Industries plc has received clearance from Russia's Federal Anti-Monopoly Service and the Competition Commission in South Africa.
The pending acquisition has already been cleared by competition authorities in the United States, Brazil, Canada, Mexico, South Korea and Turkey, and all necessary approvals of the shareholders of Eaton and Cooper have been obtained. The transaction remains subject to customary closing conditions, including certain additional regulatory clearances.
Eaton is a diversified power management company with more than 100 years of experience providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. With 2011 revenues of $16.0 billion, Eaton is a global technology leader in electrical components, systems and services for power quality, distribution and control; hydraulics components, systems and services for industrial and mobile equipment; aerospace fuel, hydraulics and pneumatic systems for commercial and military use; and truck and automotive drivetrain and powertrain systems for performance, fuel economy and safety. Eaton has approximately 73,000 employees and sells products to customers in more than 150 countries. For more information, visit www.eaton.com.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.