Wednesday, September 19, 2012
LED Industry News: Eaton acquires Cooper; Haworth resigns from Lighting Science Group
Eaton has acquired Cooper Industries for $11.8 billion while Jim Haworth has resigned as CEO of LSG.
Eaton acquires Cooper Industries
Eaton Corporation, a global power-management company, has entered into an agreement to acquire Cooper Industries. The transaction is valued at $11.8 billion and will be financed with a mixed of cash, debt and equity.
The newly created company will be incorporated in Ireland and is expected to be called Eaton Global Corporation PLC. It will be led by Alexander Cutler, Eaton’s current chairman and CEO. Eaton is currently headquartered in Cleveland, OH.
Eaton stockholders are expected to own about 73% of the combined company, with Cooper stockholders owning the rest. In addition to its lighting products, Cooper provides electrical products for electrical protection, power transmission and distribution. Eaton makes electrical and hydraulic components for commercial and military uses as well as vehicle drivetrain and powertrain systems.
Jim Haworth resigns from LSG
Lighting Science Group Corporation (OTCBB: LSCG) of Satellite Beach, FL, has announced the appointment of Steve Marton as its interim chief executive officer following the resignation of CEO and chairman James Haworth on May 18, 2012. The board has retained an executive search firm to help identify and secure a permanent CEO.
Marton has served as a senior operating partner at Pegasus Capital Advisors since April 2008 and has been actively involved in Lighting Science Group’s operations in a consulting capacity since February 2012. He has spent over 20 years in general management, new product development and brand leadership in the consumer packaged goods and pet care industries.
In related news, LSG recently completed a round of equity financing valued at $140 million.