Printer Friendly

COOPER ANNOUNCES PLAN TO SELL BELDEN DIVISION IN AN INITIAL PUBLIC OFFERING

 HOUSTON, June 7 /PRNewswire/ -- Robert Cizik, chairman and chief executive officer of Cooper Industries, Inc. (NYSE: CBE) today announced the corporation's plans to sell all or substantially all of Cooper's interest in its Belden Division in a public offering that is expected to be consummated by early fall. Cizik noted that Belden is not considered a core business for Cooper, making it timely and appropriate for Belden to grow on its own merit.
 Belden manufactures electronic wire and cable and electrical wire and cord products. Headquartered in Richmond, Ind., the division has six manufacturing plants in the United States, one in Canada, and a European distribution center in Germany. The division employs approximately 2,800 people. Belden became part of Cooper Industries in 1981 with Cooper's acquisition of the Crouse-Hinds Company.
 The offering of shares in Belden will be made only by means of a prospectus.
 Coinciding with the announcement of the public offering, Cooper has made the following management changes:
 C. Baker Cunningham, a 23-year veteran of Cooper, who presently serves as executive vice president, operations, becomes chairman and chief executive officer of Belden.
 Cunningham has a B.S. degree in civil engineering from Washington University, an M.S. in civil engineering from Georgia Tech, and an MBA from the Harvard Business School. He joined Cooper in 1970 as a planning analyst and served in various positions with the Cooper Hand Tools Division, including vice president, administration and finance, before rejoining the corporate office in Houston, Texas, in 1977 as vice president for corporate development. He was named executive vice president in 1982.
 Nishan Teshoian, currently president of the Belden Division, will join the Cooper headquarters staff as executive vice president, operations. Teshoian joined Cooper in 1977 after 11 years of manufacturing management experience with General Electric. He has an engineering degree from Worcester Polytechnic Institute and is a graduate of the Stanford Executive Program.
 Reporting to Teshoian in his new capacity will be Cooper's tools and hardware businesses, which includes the Cooper Hand Tools, Cooper Power Tools and Kirsch divisions. Also reporting to Teshoian will be the Corporate Manufacturing Services function.
 Jerry H. Godwin, president of Cooper Automotive, and Larry W. McCurdy, president of Moog Automotive, who previously reported to Cunningham, will report to H. John Riley, Jr., president and chief operating officer of Cooper.
 Cooper Industries, with 1992 revenues of $6.2 billion, is a diversified, worldwide manufacturer of electrical products, electrical power equipment, tools and hardware, automotive products, and petroleum and industrial equipment.
 -0- 6/7/93
 /CONTACT: Ellen H. Myers, director, corporate communications of Cooper Industries, Inc., 713-739-5423/
 (CBE)


CO: Cooper Industries, Inc. ST: Texas, Indiana IN: CPR SU: OFR PER

PS -- NY026 -- 5898 06/07/93 09:45 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 7, 1993
Words:455
Previous Article:ELECTROGLAS OFFERING AMENDED
Next Article:GAYLORD ANNOUNCES ORGANIZATIONAL CHANGES
Topics:


Related Articles
BELDEN PURCHASES AMERICAN ELECTRIC CORDSETS
Belden Inc. Purchases Intech Cable, Inc.
Belden Completes The Transaction For The Purchase Of Alpha Wire Division
Belden Purchases Cowen Cable Assets
Belden Completes the Transaction for the Sale of the Cord Products Segment.
Belden to Purchase Cable Systems International.
Belden Completes The Transaction For The Purchase Of Cable Systems International.
Belden to Purchase Dorfler Kabelwerk and Duna Kabel From Siemens.
Belden Inc. to Purchase Corning's UK Metallic Telecommunications Cable Business.
Belden Completes Purchase of Corning's UK Metallic Telecommunications Business.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters