ORANGE, Conn., Nov. 22, 2002 — Hubbell Power Systems Inc. has completed its acquisition of the assets of the pole line hardware business of Cooper Power Systems, Inc., a subsidiary of Cooper Industries Ltd.
The purchase price was $9.5 million in cash subject to customary post-closing adjustments.
Pole line hardware products are used in the construction and maintenance of electric utility transmission and distribution lines. They include anchors and accessories, fasteners, pole and crossarm accessories, insulator pins, cable clamps, mounting brackets, wireholders, and insulators. Hubbell Power Systems, Inc., has acquired product inventories and materials, production equipment, tools, dies, and related equipment. No facilities or real estate were included in the purchase.
Timothy H. Powers, President and Chief Executive Officer of Hubbell Incorporated, cited the products’ fit within the Company’s strategic plan. “Electric utility products are a core business for Hubbell, and a market to which Hubbell Power Systems is a leading supplier. The completion of this transaction broadens both our product offering and our opportunities.”
Hubbell Incorporated is an international manufacturer of quality electrical and electronic products for commercial, industrial, residential, utility, and telecommunications markets. With 2001 revenues of $1.3 billion, Hubbell Incorporated operates manufacturing facilities in North America, Puerto Rico, Mexico, Italy, Switzerland, and the United Kingdom, participates in a joint venture in Taiwan, and maintains sales offices in Singapore, Hong Kong, South Korea, People’s Republic of China, and the Middle East. The corporate headquarters is located in Orange, CT.