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.
Statement Required by the Takeover Rules
The directors of Eaton Corporation accept responsibility for the information contained in this communication. To the best of the knowledge and belief of the directors of Eaton Corporation (who have taken all reasonable care to ensure such is the case), the information contained in this communication is in accordance with the facts and does not omit anything likely to affect the import of such information.
Persons interested in one percent or more of any relevant securities in Eaton or Cooper may from the date of this communication have disclosure obligations under Rule 8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007 (as amended).
Gary Klasen, Media Relations, 216-523-4736
Donald Bullock, Investor Relations, 216-523-5127