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Cooper Controls (U.K.) Limited, has acquired over 93 percent of the
outstanding shares of Polaron plc, based in the UK. Cooper Controls is
exercising its right to acquire the remaining outstanding shares. The total
purchase price is approximately £14.86 million. Polaron is a leading
manufacturer of intelligent lighting control solutions predominantly in the
non-residential market and includes the iLight and Zero 88 brands. For the
year ended June 30, 2006, Polaron reported consolidated revenues of £23.7
million.
"We are excited to work with the management and employees of Polaron and
combine their world-class intelligent lighting control solutions with our
high quality Cooper Lighting products," said Cooper Industries Chairman and
Chief Executive Officer Kirk S. Hachigian. "The acquisition of Polaron
provides us with a strong platform in lighting controls and allows us to
deliver high technology content products in the global marketplace."
Polaron has a broad range of certified lighting solution products for use in
office, hospitality, educational, and urban outdoors settings. Their
architectural controls products allow customers to customize lighting
environments that result in energy savings, creative ambiance, or enhanced
productivity, safety and security. Polaron has designed and installed
numerous high profile projects around the world, including Terminal 5 at
London's Heathrow Airport and the Hong Kong Convention and Exhibition
Center.
"Since March 2004 when Polaron was floated on AIM we have developed an
excellent group of businesses involved in providing intelligent control
solutions," said Joe Stelzer, Chief Executive of Polaron. "The acquisition
by Cooper allows us access to greater investment and growth opportunities
and extends our global reach."
"We are excited about the future of our business and the synergies that
being part of Cooper Controls will bring in our mission to become a global
lighting controls company based in the UK."
"We are committed to maintaining our focus on innovation in the controls
market and look forward to harnessing the world class operational experience
and research and development capabilities of our new colleagues at Cooper
Controls."
"iLight has experienced significant growth over the past two years thanks to
the investments made by Polaron plc," said John Thorne, iLight's UK Sales
Director. "With innovative new products under development and the support of
Cooper Controls, I am looking forward to an exciting future for iLight."
iLight will continue to operate from its offices in Penshurst, Kent, with
manufacturing carried out at its purpose-built facility in Cwmbran, Wales.
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