Houston, TX, Aug. 16, 2006 — Cooper Industries announced the acquisition by Cooper Power Systems Inc. of Cannon Technologies Inc., a Minneapolis-based provider of automation technologies for monitoring and metering, and energy management by electrical utilities.
With the acquisition, Cooper Power Systems hopes to provide customers with comprehensive solutions — from the meter to the control room — including the ability to use a wide variety of communications technologies to link equipment. Cannon Technologies serves more than 400 utility customers in North America with automation technologies.
The purchase was made from a private-equity fund managed by GFI Energy Ventures, the majority owner of Cannon, and the Cannon Technologies founders. Financial terms were not disclosed.
The acquisition of Cannon Technologies and the recently announced licensing agreement with Sensus Metering Systems are part of a series of technology investments Cooper has made in attempts to broaden its range of capabilities.
Founders Ed Cannon and Joel Cannon will continue to lead the business, which will operate as part of the Cooper Power Systems division of Cooper Industries.
Cannon Technologies will be included in Cooper’s financial results from the date of the acquisition. The acquisition is anticipated to be slightly dilutive to earnings per share in the first twelve months, exclusive of the one-time requirement to expense the value of in-process research and development costs at the date of the acquisition.
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