Cooper seals MTL acquisition

Houston, Texas - Cooper Industries Ltd has acquired more than 98% of the outstanding shares of the MTL Instruments Group plc and will exercise its right under UK law to acquire the remaining outstanding shares, the company announced 11 Feb. The deal, which was carried out through subsidiary Cooper Controls (UK) Ltd, involved total purchase price is around £144 million.

According to Cooper, the MTL acquisition  follows its three-tiered acquisition strategy of "building upon the existing explosion-proof electrical products platform; adding significant technology offerings for our customers in harsh and hazardous environments; and enhancing our global footprint, as MTL is particularly strong in developing markets."

Luton-based MTL develops and supplies electronic instrumentation and protection equipment for use in hazardous environments, with many critical processes at the world's largest industrial facilities monitored, controlled or protected by its products. With has projected 2007 sales of around £105 million, the UK company is to be positioned within the Cooper Crouse-Hinds portfolio.

"We believe that this transaction will accelerate the growth of Cooper Crouse-Hinds within the global petrochemical and energy markets," said Kirk Hachigian chairman and CEO of Cooper Industries. "Additionally, we believe that we can leverage MTL's technology assets in process automation and instrumentation to build the next generation of intelligent explosion-proof products, which will deliver significant value to our customers."

"Over the past 35-plus years, MTL has developed industry-leading technology in instrumentation and protection equipment that serves as the interface between sensors and the main control system in a facility," added Graeme Philp, chief executive of MTL. "Cooper Crouse-Hinds provides the electromechanical devices that create the infrastructure for power delivery in many of the same facilities around the world. The combining of MTL with Cooper Crouse-Hinds, therefore, will foster the development of innovative and integrated solutions for customers who want hazardous area protection equipment around the world."