Cooper Completes Three Acquisitions, Closes 13th Deal for 2007
Cooper Industries has secured the acquisitions of Sure Power Industries, Inc. ("Sure Power"), OMNEX Control Systems, ULC ("Omnex"), and Roam Secure. Combined sales for the three companies in 2007 will be approximately $62 million and the combined purchase price is approximately $100 million.
Sure Power, a privately-held company based in Oregon, provides a wide variety of products designed to aid in the management of DC electrical systems for the heavy-duty truck, off-highway equipment, military vehicle, recreational vehicle, bus, marine, and electric vehicle markets. Sure Power has been in business for over forty-five years and has strong design and manufacturing expertise in solid state and high power modules. Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian said, "The acquisition of Sure Power, which has been focused on high growth niche segments in the transportation and industrial markets, enables Cooper Bussmann to broaden its exposure to the power chain area of those markets and brings more technology into the product portfolio."
Omnex is a privately-held company based in British Columbia, Canada that designs and manufactures radio remote control products for the construction and heavy equipment markets, as well as industrial wireless networking solutions that are sold primarily into process automation, petrochemical, municipal wastewater, and factory automation markets. "Omnex's expertise in wireless applications will allow Cooper Bussmann to accelerate the development of 'smart' systems, such as Invision which complement the traditional core products and add more value to our customers," said Hachigian.
Roam Secure, a privately held entity based in Virginia, is a leading provider of text based alerting and regional mass notification systems that is known for its breadth of functionality, interoperability, ease of use, and industry-leading delivery time for high volume emergency messages. Their current installed base includes many prominent city, county, and regional municipalities throughout the United States, as well as a growing base of education, commercial, industrial, healthcare, and other campus environments. Hachigian stated, "The acquisition of Roam Secure further extends our Cooper Notification platform and we can now offer an industry-first convergence of a comprehensive indoor and outdoor notification solution coupled with regional text alerting to protect, alert, and inform people in virtually any environment globally."
Cooper has closed thirteen deals in 2007, all aligned with the company's disciplined three-tiered acquisition strategy: building out strategic platforms that strengthen the core businesses with complementary or adjacent products; adding more end-user specification and technology solutions to transition the product portfolio towards more value-added solutions for our customers; and enhancing the global footprint.
"2007 has been a very exciting year for Cooper. We have made significant progress on building out our focused growth platforms and closed a number of deals that will play a key role in transitioning Cooper into a higher growth, more profitable, less cyclical, more global, and more solution-oriented company," concluded Hachigian.