Electric products manufacturer Cooper Industries, Ltd. announced it acquired OMNEX Control Systems and Sure Power Industries. Combined sales for the two companies in 2007 were approximately $58 million, and the combined purchase price is approximately $90 million.
Omnex is a privately-held company based in British Columbia that designs and manufactures rugged radio telemetry 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 Cooper InVision, which complement the traditional core products and add more value to our customers," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian.
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. Hachigian said: "The acquisition of Sure Power, which has been focused on high growth niche segments in the non-automotive transportation markets, enables Cooper Bussmann to broaden its exposure to the transportation power chain and brings complementary technology into the Bussmann product portfolio."
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," said Hachigian. "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."
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