Cooper Industries Ltd. on December 3 announced the acquisition of Hyundai Explosion-Proof Electric Company (HEPEC), a South Korea-based manufacturer of explosion-proof electrical equipment. HEPEC specializes in explosion-proof Glass Reinforced Plastic (GRP) lighting, control panels and switchgear and its products are highly complementary to the current Cooper Crouse-Hinds product offerings.
“This acquisition signals our ongoing commitment to strengthen the core businesses and enhance our global footprint,” said Cooper Industries chairman and chief executive officer Kirk S. Hachigian. “HEPEC has a strong reputation for innovative products and excellent quality and this acquisition will provide Cooper with increased access to the South Korean market, with its strong shipbuilding industry and where significant investment to upgrade domestic energy and petrochemical infrastructure is under way.”
The HEPEC acquisition is the eighth deal announced by Cooper in 2007 and is strongly aligned with the company’s disciplined three-tiered acquisition strategy focused on building out strategic platforms that strengthen the core businesses with complementary or adjacent products, adding more end-user specification and technology into the portfolio, and enhancing the Cooper’s 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