Cooper Industries acquires Clarity Lighting
More signs of consolidation within the lighting industry as Cooper, a major lighting manufacturer, buys in more LED expertise in the form of UK-based Clarity Lighting.
The deal follows Cooper's acquisition in August 2007 of Io Lighting (see news).
At the same time as announcing the Clarity deal, Cooper also said it had acquired GS Metals (there is no connection to the LED industry). Expected full year sales for the two companies combined in 2007 are approximately $55 million and the combined purchase price is $49 million.
“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,” said Cooper Industries chairman and CEO Kirk Hachigian.
“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 our ongoing commitment to further strengthening our existing global offering in LED solutions.”
Cooper Industries has now announced the completion of ten acquisitions and joint-ventures in 2007 and maintains a highly-disciplined acquisition strategy with three dominant priorities: 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.
Cooper Industries, Ltd. is a global manufacturer with 2006 revenues of $5.2 billion, approximately 85 percent of which are from electrical products. Incorporated in Bermuda with administrative headquarters in Houston, Cooper employs approximately 31,000 people and operates eight divisions including Cooper Lighting and Cooper Menvier.