COOPER AGREES TO PURCHASE CEAG ELECTRICAL PRODUCTS OPERATION OF ABB
CEAG's explosion-proof products include junction boxes, lighting fixtures, switchgear and intrinsic safety interface devices for use in hazardous environments. CEAG also makes lighting systems for building security and emergency exit. Its products are sold primarily in Europe, Asia and the Middle East. CEAG's power supply business is not included in this transaction.
Headquartered in Soest, Germany, CEAG has manufacturing plants in Soest and Eberbach, Germany, and employs approximately 900 people. It would become part of Cooper's Crouse-Hinds Division, which is headquartered in Syracuse, New York.
Terms of the agreement were not disclosed. Completion of the transaction is subject to the approval of ABB's board of directors, the signing of a definitive agreement, and receipt of the necessary government clearances. The targeted completion date is year-end 1995.
Houston-based Cooper Industries, with 1994 revenues of $4.6 billion, is a diversified, worldwide manufacturer of electrical products, tools and hardware, and automotive products.
Asea Brown Boveri AG, Mannheim, operates in the electrical, transportation and environmental engineering fields, employing 34,000 people and with an annual turnover of around DM 10 billion. The German ABB is a member of the Zurich based international electrical engineering group ABB Asea Brown Boveri Ltd., which employs a total of 212,000 people in 1,000 companies worldwide and has an annual order intake of $32 billion (U.S.).
/CONTACT: Ellen H. Orsburn, Director, Corporate Communications of Cooper Industries, Inc., 713-739-5423/
CO: Cooper Industries, Inc.; CEAG; Asea Brown Boveri AG ST: Texas, New York IN: CPR SU: TNM
HD -- NY040 -- 0675 11/08/95 09:28 EST