Cooper announces acquisitions of GS Metals and Clarity Lighting
December 13, 2007 -- Cooper Industries, Ltd. announced that it has acquired the Illinois-based GS Metals, a manufacturer of customized metal safety grating systems, bolted framing, and ladder and wire basket cable trays; and the United Kingdom-based Clarity Lighting, a designer and manufacturer of light-emitting diode (LED) architectural lighting and control systems.
According to Cooper, expected full year sales for the two companies combined in 2007 are approximately $55 million; the combined purchase price is $49 million.
The company says the acquisition of GS Metals complements the existing Cooper B-Line product offering and enables the company to offer more highly-engineered and customizable safety and support solutions to its customers in the industrial and commercial construction end-markets.
Clarity Lighting, which will report through Cooper Menvier, specializes in white light and red/green/blue LED color-changing technical lighting for commercial construction applications and signals. Cooper says the acquisition of Clarity signals its ongoing commitment to further strengthening its existing global offering in LED solutions.
"Cooper is committed to building upon our core businesses, enhancing them by adding more technology and end-user specified products into the portfolio so that we can better serve our customers," Kirk S. Hachigian, Cooper Industries' chairman and CEO. "We are focused on acquiring businesses that will enable Cooper to be a faster growing, more profitable, less cyclical, more global, and more solution-oriented company over time."
