Cooper Industries, Ltd. announced Wednesday that its subsidiary, Cooper Controls (UK) Ltd., has acquired over 93 percent of the outstanding shares of Polaron plc, a UK-based manufacturer of intelligent lighting control products, for a total purchase price of $28.68 million.
Cooper Controls is exercising its right to acquire the remaining outstanding shares.
Polaron had consolidated revenues of $45.76 million for the year ended June 30, 2006.
According to Cooper Industries Chairman and CEO, Kirk S. Hachigian, the Polaron acquisition will enable Cooper to have a stronger presence in the global lighting controls market.
Cooper Industries had 2006 revenues of $5.2 billion, of which 85 percent was from electrical products.