The two companies previously announced that they have entered into a transaction agreement by which Eaton will buy Cooper through the formation of a new Irish holding company that will be renamed Eaton Corporation plc (New Eaton).
In connection with this acquisition, the diversified manufacturer will merge with Turlock, a wholly owned subsidiary of New Eaton.
Both Eaton and Cooper will be wholly owned subsidiaries of New Eaton following the consummation of these transactions.
Eaton chairman and CEO Alexander M Cutler and Cooper chairman and CEO Kirk Hachigian said in a joint statement that the combination of Eaton and Cooper would create a premier global power management company.
"The combination of Eaton and Cooper significantly strengthens our ability to serve our custom-ers with critical energy-saving technologies that meet the world’s growing demand for energy-efficient, safe and reliable power," Cutler said.
"Our strong, complementary product offerings provide expanded opportunities to accelerate our global growth by addressing our customers’ most complex electrical requirements."
So far the pending acquisition has been cleared by competition authorities in the US, Canada, Brazil, South Korea and Turkey.
The transaction, however, remains subject to customary closing conditions and regulatory approvals and it is expected to occur later this year.
