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HOUSTON (AP) - Electrical tools and hardware maker Cooper Industries Ltd. said Wednesday its subsidiary has acquired a majority stake in London-based Polaron PLC., which makes intelligent lighting control systems, for about $28.8 million.
Cooper Controls (UK) acquired about 93 percent of outstanding shares of Polaron, which is traded on the London Stock Exchange. The subsidiary is exercising its right to acquire Polaron's remaining shares.
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,' Kirk S. Hachigian, Cooper Industries' chairman and chief executive, said in a statement.
Polaron provides lighting systems for office, hospitality, outdoors and educational settings that can be customized to save energy.
Shares of Cooper Industries added 16 cents to $90.66 in morning trading on the New York Stock Exchange.