Cooper Industries PLC (NYSE: CBE), based in Dublin, Ireland, announced the acquisition of Martek Power, Torrance, Calif., a manufacturer of power electronic components for approximately €130 million (about $187 million by today's exchange rates), including the assumption of some debt. Martek manufactures specialized power management devices for the military, heavy-duty transportation, aerospace, medical, telecom and hybrid/electrical vehicle markets. Martek will become part of the Cooper Bussmann division.
"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," said Cooper Industries Chairman and Chief Executive Officer Kirk Hachigian. "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."