HOUSTON – December 19, 2007 - Cooper Industries, Ltd. (NYSE:CBE) today announced that its subsidiary, Cooper Controls (U.K.) Limited, made a binding offer for all outstanding shares of MTL Instruments Group plc (“MTL”), a publicly traded company (LSE:MTI) based in the United Kingdom. MTL is a world leader in the development and supply of electronic instrumentation and protection equipment, the majority of which is used in hazardous environments such as the petrochemical, chemicals, and oil and gas production industries.
In 2006, MTL had revenues of £85.3 million and net income of £5.5 million. The offer has been unanimously recommended by both the Cooper and MTL Board of Directors and is currently being reviewed by MTL’s shareholders.
About Cooper Industries
Cooper Industries, Ltd. is a global manufacturer with 2006 revenues of $5.2 billion, approximately 85 percent of which are from electrical products. Incorporated in Bermuda with administrative headquarters in Houston, Cooper employs approximately 31,000 people and operates eight divisions: Cooper B-Line, Cooper Bussmann, Cooper Crouse-Hinds, Cooper Lighting, Cooper Menvier, Cooper Power Systems, Cooper Wiring Devices and Cooper Tools Group. Cooper Connection provides a common platform for Cooper’s marketing and sales to electrical distributors.
