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Business | August 10, 2011

Cooper Industries acquires Martek Power

Cooper Industries plc is o acquire Martek Power (Martek), a manufacturer of power electronic components for approximately EUR 130 million (inclusive of assumed debt).
Martek will become part of the Cooper Bussmann division of Cooper Industries.

Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian comments:

"The acquisition of Martek provides a significant strategic expansion of Cooper Bussmann's portfolio of power electronic and power conversion applications. The addition of Martek will take our current strength in power management for the military/aerospace and North American transportation markets and extend it into key verticals such as medical, telecom, data storage, European transportation and the high growth hybrid/electrical vehicle markets."

"Additionally, Martek's proven R&D capabilities in industrial and mission critical power management applications which combined with Bussmann's expertise will expand our capabilities to deliver advanced power management solutions to a large universe of customers with high-reliability needs."

"Martek provides a key addition to our acquisition growth strategy for the Bussmann Transportation portfolio, bringing that business to $220 million in annual revenues. And with a customer base balanced across North America and Europe, Martek will strengthen Transportation's presence within each of those geographic markets."

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