Cooper Industries plc announced the acquisition of Martek Power, a manufacturer of power electronic components for approximately €130 million (inclusive of assumed debt). Martek specializes in the manufacture of highly 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 of Cooper Industries.
"The acquisition of Martek provides a significant strategic expansion of Cooper Bussmann’s portfolio of power electronic and power conversion applications. 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 S. 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."
Hachigian concluded, "Martek provides a key addition to our acquisition growth strategy for the Bussmann Transportation portfolio, bringing that business to $220 million in annual revenues. And with a customer base balanced across North America and Europe, Martek will strengthen Transportation’s presence within each of those geographic markets."
More news and information regarding the latest developments in Smart Grid electronics can be found at Darnell’s SmartGridElectronics.Net.
