Cooper Industries Ltd. acquired three privately held companies for a combined purchase price of $100 million. The company bought Sure Power Industries Inc., Omnex Control Systems ULC and Roam Secure. Combined sales for the three companies in 2007 will be approximately $62 million.
Sure Power, a privately held company based in Tualatin, Ore., provides products designed to aid in the management of DC electrical systems for the heavy-duty truck, off-highway equipment, military vehicle, recreational vehicle, bus, marine, and electric vehicle markets. Sure Power has been in business for more than 45 years and has strong design and manufacturing expertise in solid-state and high power modules.
Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian said, “The acquisition of Sure Power, which has been focused on high growth niche segments in the transportation and industrial markets, enables Cooper Bussmann to broaden its exposure to the power chain area of those markets and brings more technology into the product portfolio.”
Cooper will also buy Omnex Control systems, a privately held company based in British Columbia, Canada. The company designs and manufactures radio remote control products for the construction and heavy equipment markets, as well as industrial wireless networking solutions sold primarily into process automation, petrochemical, municipal wastewater, and factory automation markets. Their current installed base includes many prominent city, county and regional governments throughout the United States, as well as a growing base of education, commercial, industrial, healthcare and other campus environments.
“Omnex's expertise in wireless applications will allow Cooper Bussmann to accelerate the development of ‘smart’ systems, such as Invision, which complement the traditional core products and add more value to our customers,” said Hachigian.
Roam Secure, a privately held business based in Arlington, Va., provides energy text alert systems and other information notification technology. Their current installed base includes many city, county and regional municipalities throughout the United States, as well as a growing base of education, commercial, industrial, healthcare and other campus environments.
Cooper completed 13 deals in 2007. Cooper Industries, Ltd. had 2006 revenues of $5.2 billion, approximately 85 percent of which are from electrical products.