ORANGE, Conn.--(BUSINESS WIRE)--Nov. 22, 2002--Hubbell Power Systems, Inc., a subsidiary of Hubbell Incorporated (NYSE: HUBA, HUBB) today announced the completion of its acquisition of the assets of the pole line hardware business of Cooper Power Systems, Inc., a subsidiary of Cooper Industries, Ltd., (NYSE: CBE).
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's focus on strategic acquisitions is achieving its goals," Powers noted. "In a little more than one year we've added more than $500 million in annualized revenues that are immediately accretive to earnings. At the same time, we've continued on schedule our programs to reduce costs and increase asset efficiency throughout the Company to return Hubbell to its historic level of profitability."
Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors which may cause actual and future performance or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include: achieving sales levels to fulfill revenue expectations; unexpected costs or charges, certain of which may be outside the control of the Company; general economic and business conditions; and competition.
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.
Thomas R. Conlin, 203/799-4100