Cooper Agrees to Purchase CEAG Electrical Products Operation of ABB.HOUSTON--(BUSINESS WIRE)--Nov. 8, 1995--Cooper Industries, Inc. (NYSE-CBE) announced that it has signed a letter of intent with Asea Brown Boveri AG (ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s ) of Mannheim, Germany, to acquire ABB's CEAG CEAG Central European Advisory Group (Prague, Czech Republic, law firm) CEAG Cost Estimating & Analysis Group electrical products operation. CEAG designs, manufactures and markets explosion-proof products designed to meet European International Electrotechnical Commission See IEC. (standard, body) International Electrotechnical Commission - (IEC) A standardisation body at the same level as ISO. (IEC (International Electrotechnical Commission, Geneva, Switzerland, www.iec.ch) An organization that sets international electrical and electronics standards founded in 1906. It is made up of national committees from over 60 countries. IEC - International Electrotechnical Commission ) standards. Annual revenues are approximately $170 million (U.S.). CEAG's explosion-proof products include junction boxes, lighting fixtures, switchgear The term switchgear, used in association with the electric power system, or grid, refers to the combination of electrical disconnects, fuses and/or circuit breakers used to isolate electrical equipment. 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
Syracuse (IPA: . 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 ABB, formerly Asea Brown Boveri, is a multinational corporation headquartered in Zürich, Switzerland, operating mainly in the power and automation technology areas. ABB is one of the largest engineering companies as well as one of the largest conglomerate companies in the 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: Cooper Industries Ellen H. Orsburn, 713/739-5423 |
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