Cooper Industries (NYSE:CBE) today announced the acquisition of Irvine, CA-based Illumination Management Solutions, Inc. (IMS). IMS is a leader in specialized optics and system design for light-emitting diode (LED) fixtures. Terms of the transaction were not disclosed.
“The acquisition of IMS demonstrates Cooper’s ongoing strategic commitment to become a market leader in energy-efficient solid state lighting solutions,” said Cooper Industries’ Chairman and Chief Executive Officer Kirk S. Hachigian. “LED technology is a key growth platform for Cooper having previously acquired io Lighting and UK-based Clarity Lighting. Cooper also continues to make organic investments in this key technology platform with the construction of our Cooper Lighting LED Innovation Center in Peachtree City, Georgia, which will act as a centralized resource for all global LED-based activities and will leverage technology from Cooper Crouse-Hinds, Cooper Safety as well as Cooper Lighting. The acquisition of IMS and the talent it brings into our organization strongly complements our technology investments by adding enhanced capabilities in LED-systems and optical design. As a result, Cooper will be able to bring more LED-based solutions to the market faster across our global portfolio and it better positions the company to meet the expected global demand for more energy-efficient solutions and infrastructure investment, including the American Recovery and Reinvestment Act of 2009.”
IMS designs and manufactures LED systems and fixtures for a variety of lighting applications and has developed innovative LightBARTM technology, which allows for greatly extended design life and performance in roadway and infrastructure lighting as well as safety applications in oil and gas, emergency lighting and other industrial applications.
“Optics are critical to improving the energy efficiency of LED fixtures and creating lighting patterns that improve safety and customer comfort,” said Ron Holder, President of IMS. “Since its inception, IMS has been an innovator in LED technology and we are excited to bring this technology to Cooper where we will be able to help accelerate product development and reach a greater number of customers.”
“Cooper has an exceptionally strong balance sheet and continues to maintain a focused and disciplined acquisition strategy, despite a challenging macroeconomic environment,” said Kirk S. Hachigian. “We remain committed to building key business and technology platforms like LED that provide substantial growth opportunities in higher technology, more specification driven end markets.”
About Cooper Industries
Cooper Industries, Ltd. (NYSE:CBE) is a global manufacturer with 2008 revenues of $6.5 billion, approximately 88 percent of which are from electrical products. Founded in 1833, Cooper's sustained level of success is attributable to a constant focus on innovation, evolving business practices while maintaining the highest ethical standards, and meeting customer needs. The Company has eight operating divisions with leading market share positions and world-class products and brands including: Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2008, 61 percent of total sales were to customers in the industrial and utility end-markets and 37 percent of total sales were to customers outside the United States. Cooper, which has manufacturing facilities in 23 countries as of 2008, is incorporated in Bermuda with administrative headquarters in Houston, TX. For more information, visit the web site at www.cooperindustries.com.