18/07/2011
Coopers acquires Italian Gitiesse and enhances portfolio
Dublin, Eire
"This will be the third acquisition we have made into our explosion-proof harsh and hazardous environment platform within the last year and demonstrates our commitment to enhancing our portfolio with additional technology and capability. Gitiesse represents a strategic fit with Cooper Safety's existing offering of MEDC explosion-proof beacons and sounders, Hernis CCTV and Cooper Crouse-Hinds' global portfolio of harsh and hazardous instrumentation solutions," said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian. "This acquisition supports our globalisation initiative, as Gitiesse has a significant world-wide presence in the marine market, including strong positions in both Europe and Asia. Additionally, Gitiesse's products complement the solutions Cooper Safety, Cooper Crouse Hinds and Cooper B-Line are able to jointly bring to our global oil & gas customers."
"Cooper has an exceptionally strong balance sheet and continues to maintain a focused and disciplined acquisition strategy," said Hachigian. "We remain committed to building key business and technology platforms that provide substantial growth in more specification-driven end markets."