Eaton Corp.Eaton Corp. said Monday it will buy Ireland-based Cooper Industries, a maker of electrical-distribution equipment, in a deal valued at more than $11 billion.
The deal is the largest for Eaton, which makes components for the trucking and automobile industries. The transaction is expected to close in the second half of this year.
Founded in 1833, Cooper is a supplier of electrical equipment with a wide range of products including electrical protection, power transmission and distribution, lighting and wiring components.
The combined company would have had historical 2011 revenues of $21.5 billion and earnings before interest, taxes, depreciation and amortization of $3.1 billion, Eaton said in a statement.
The two will form a new company, tentatively to be called Eaton Global Corp plc, which will be incorporated in Ireland and will be headed by Eaton Chairman and CEO Alexander Cutler. Cooper operates from Houston.