Cooper Industries

Cooper Industries was an American multinational industrial manufacturer whose history stretched from a nineteenth-century Ohio foundry to a diversified producer of electrical equipment, power systems, lighting, safety products, tools, and industrial technologies. Founded in 1833 by brothers Charles and Elias Cooper in Mount Vernon, Ohio, the business initially made agricultural and domestic metal goods, including plows, livestock troughs, kettles, and stoves. It later concentrated on steam engines and then moved into gas-engine technology as steam power became less central to industrial development. The company's gas-engine expertise became especially important as oil and gas infrastructure expanded. Following its combination with Bessemer Gas Engine Company, the Cooper-Bessemer business became a significant supplier of pipeline-compression engines and related equipment. During the Second World War, Cooper-Bessemer supplied engine components used in naval minesweepers and Liberty Ships, linking the company to the industrial mobilization of the United States and its allies. After the war, Cooper pursued diversification. Over the following decades it expanded beyond engines and energy equipment into electrical products, power-delivery systems, automotive components, tools, hardware, lighting, and safety equipment. Acquisitions were a major part of this strategy. The purchases of Crouse-Hinds in 1981 and McGraw-Edison in 1985 strengthened its electrical, lighting, and industrial portfolio, while later transactions added businesses such as MTL Instruments Group and Wheelock. By the 1990s, Cooper was rationalizing its portfolio and reducing exposure to cyclical automotive and petroleum activities. The company increasingly centered its operations on two broad areas: an Electrical Products Group and an Energy and Safety Solutions group. Its portfolio included well-known businesses and brands such as Bussmann fuses, Crouse-Hinds hazardous-location equipment, Cooper Lighting, Cooper Power Systems, Cooper Wiring Devices, and Cooper Safety. In 2011, industrial and utility customers accounted for most of its sales, and approximately 40 percent of revenue came from outside the United States. The company operated manufacturing facilities in 23 countries at that time. Cooper reincorporated in Bermuda in 2002. In 2010, its hand-tools operations joined Danaher Tool Group to form Apex Tool Group, a joint venture that was subsequently sold to Bain Capital in 2012. The same year, Eaton announced and completed its acquisition of Cooper Industries. Cooper was consequently removed from the S&P 500 index and its businesses were integrated into Eaton's electrical and industrial operations. Former Cooper divisions continued under Eaton names or as Eaton business units, including Eaton's Bussmann, Crouse-Hinds, Cooper Lighting Solutions, Cooper Power Systems, Cooper Safety, Cooper Wiring Devices, and B-Line businesses. Eaton later sold its lighting business to Signify in 2020, affecting the former Cooper Lighting portfolio.

Cooper Industries began in 1833 when Charles and Elias Cooper established a foundry in Mount Vernon, Ohio. Its earliest products were practical cast-metal goods for farms and households, including plows, hog troughs, kettles, and stoves. During the nineteenth century the company moved toward steam engines, responding to the growing importance of mechanized power in American industry. When steam power became less dominant late in the century, Cooper shifted again, developing gas engines. Its expertise became closely connected with the expansion of oil and gas infrastructure, particularly pipeline compression. A merger with Bessemer Gas Engine Company created Cooper-Bessemer and helped establish the business as a major American producer of pipeline-compressor engines. Cooper-Bessemer contributed to wartime manufacturing during the 1940s. Its engine components were used in much of the U.S. Navy's minesweeper fleet and in Liberty Ships, which transported a large share of Allied wartime cargo. Following the war, the company sought broader and less concentrated sources of revenue. It entered electrical equipment, power systems, automotive products, tools, hardware, and lighting through internal development and acquisitions. Two important acquisitions were Crouse-Hinds in 1981 and McGraw-Edison in 1985. These transactions expanded Cooper's presence in hazardous-location electrical equipment, lighting, power products, and related industrial markets. During the 1990s, Cooper reviewed its portfolio and reduced its exposure to more cyclical automotive and petroleum activities. The resulting company was increasingly organized around electrical products and energy-and-safety solutions. Cooper's later portfolio included Bussmann fuses; Crouse-Hinds and CEAG equipment for hazardous and explosive environments; Halo, Metalux, and other lighting brands; Cooper Power Systems equipment for utility networks; Cooper Wiring Devices; Cooper Safety; and B-Line support and enclosure systems. The company also retained tool businesses for a time. In 2002, Cooper reincorporated in Bermuda. In 2008 it announced the acquisition of MTL Instruments Group, extending its instrumentation and hazardous-area capabilities. In 2010, Cooper's hand-tools operation was combined with Danaher Tool Group in the Apex Tool Group joint venture. Apex was sold to Bain Capital in 2012. Separately, Eaton agreed to acquire Cooper Industries, completing the transaction on November 30, 2012. Cooper ceased to exist as an independent public company, its former businesses becoming Eaton divisions or business units. In 2020, Eaton sold its lighting business to Signify, transferring the former Cooper Lighting activities into Signify's ownership.

• 2020

  Former Cooper lighting business is sold

  [1]Cooper Industriesen.wikipedia.org

  Eaton sold its lighting business, including former Cooper Lighting activities, to Signify.

• 2012

  Eaton acquisition closes

  [1]Cooper Industriesen.wikipedia.org

  Eaton completed its acquisition of Cooper Industries on November 30.

• 2010

  Apex Tool Group joint venture is created

  [1]Cooper Industriesen.wikipedia.org

  Cooper Hand Tools was combined with Danaher Tool Group to form Apex Tool Group.

• 2008

  MTL Instruments acquisition announced

  [1]Cooper Industriesen.wikipedia.org

  Cooper announced a transaction for MTL Instruments Group.

• 2002

  Reincorporation in Bermuda

  [1]Cooper Industriesen.wikipedia.org

  Cooper completed its reincorporation from Ohio to Bermuda.

• 1985

  McGraw-Edison is acquired

  [1]Cooper Industriesen.wikipedia.org

  The transaction expanded Cooper's lighting, electrical, and industrial product portfolio.

• 1981

  Crouse-Hinds is acquired

  [1]Cooper Industriesen.wikipedia.org

  The acquisition strengthened Cooper's position in hazardous-location and explosion-protected electrical equipment.

• 1833

  Cooper foundry is established

  [1]Cooper Industriesen.wikipedia.org

  Charles and Elias Cooper founded the business as a foundry in Mount Vernon, Ohio.

A diversified industrial manufacturer focused increasingly on electrical infrastructure, power distribution, lighting, hazardous-environment protection, wiring devices, and life-safety systems. Its portfolio served industrial, utility, commercial, transportation, infrastructure, and selected residential customers.

• Electrical protection

  Bussmann

  Bussmann produced North American- and European-style fuses for electrical, electronic, transportation, industrial, and renewable-energy applications. The business also covered inductors, transformers, wireless solutions, and transportation products, including technologies relevant to hybrid and electric vehicles.

• Hazardous-area electrical equipment

  Crouse-Hinds and CEAG

  These businesses supplied electrical equipment designed for hazardous, explosive, and demanding industrial environments. Their products supported industrial facilities, energy infrastructure, process plants, and other locations requiring protected power, control, and communication systems.

• Lighting

  Cooper Lighting

  Cooper Lighting supplied fixtures and related systems for commercial, industrial, residential, utility, landscape, emergency, and complex-environment applications. Its portfolio included track and recessed lighting, LED, fluorescent, and high-intensity-discharge products, as well as brands such as Halo, Metalux, Corelite, Fail-Safe, Lumark, Neo-Ray, Portfolio, RSA, and Sure-Lites.

• Power distribution

  Cooper Power Systems

  Cooper Power Systems supplied medium- and high-voltage equipment and services for utility, commercial, and industrial power networks. Its offerings included apparatus for transforming, protecting, connecting, and automating distribution systems, together with grid-management, metering, demand-response, and engineering tools.

• Life safety and notification · 2006

  Cooper Safety

  Cooper Safety specialized in emergency lighting, fire detection and alarm systems, hazardous-area communications, security systems, and other notification and life-safety products. Its portfolio was expanded through the acquisition of Wheelock in 2006.

• Wiring devices

  Cooper Wiring Devices

  Cooper Wiring Devices produced switches, outlets, receptacles, connectors, cable assemblies, communications ports, and related wiring products for residential, commercial, industrial, military, and specialized applications. Associated brands included Eagle Electric, Arrow Hart, ArrowLink, RhinoBox, Aspire, and MediaSync.

• Facility support systems

  B-Line

  B-Line supplied support systems, enclosures, and related infrastructure for commercial, industrial, utility, and original-equipment-manufacturer applications. The business supported engineered facility subsystems and electrical installation environments.

• 2012

  Sale of Cooper Industries to EatonM&A

  Background

  Cooper's electrical and industrial portfolio complemented Eaton's power-management and electrical businesses.

  Action taken

  Eaton announced and completed the acquisition of Cooper Industries on November 30, 2012.

  Aftermath

  Cooper ceased to operate as an independent public company, and its businesses were integrated into Eaton.

  Source

• 2010

  Formation of Apex Tool GroupM&A

  Background

  Cooper and Danaher sought to combine complementary professional and industrial hand-tool businesses.

  Action taken

  Cooper Hand Tools and Danaher Tool Group were placed into a joint venture called Apex Tool Group.

  Aftermath

  Danaher and Cooper sold Apex to Bain Capital in 2012.

  Source

• 2002

  Reincorporation in BermudaStrategy

  Background

  Cooper reorganized its corporate domicile during a period of portfolio and corporate restructuring.

  Action taken

  The company completed reincorporation from Ohio in Bermuda.

  Aftermath

  Cooper continued operating as a multinational industrial company until its 2012 acquisition.

  Source

• 1990

  Portfolio rationalization toward electrical and safety marketsStrategy

  Background

  Cooper faced greater cyclicality in automotive and petroleum-related activities and sought a more focused portfolio.

  Action taken

  The company reduced exposure to those industries and concentrated its operations around electrical products and energy-and-safety solutions.

  Aftermath

  The strategic shift defined the portfolio that Cooper operated until its acquisition by Eaton.

  Source

1. 1Cooper Industriesen.wikipedia.org