Signify completes acquisition of Cooper Lighting
Signify has completed the acquisition of Cooper Lighting Solutions from Eaton. The transaction strengthens Signify’s market position and better positions the company to capture growth in the North American lighting market.
“We’re very excited to welcome Cooper Lighting to Signify and to start working together,” said Eric Rondolat, CEO of Signify. “Since the announcement of the transaction on October 15th, the teams have been working hard to prepare the integration plans and are now ready to move fast to realise the synergies. Together, we will drive innovation, advance in connected lighting and systems, creating significant value for our customers. And it will give us the scale and operational efficiencies to make our offerings even more competitive.”
“We could not be more excited to officially become part of the world leader in lighting,” added Kraig Kasler, President of Cooper Lighting Solutions. “Bringing together two businesses that share a vision on where the industry is headed and a purpose to drive sustainable growth in North America and beyond, will result in significant benefits for our customers, our employees and all our stakeholders.”
Signify acquired Cooper Lighting for $1.4 billion on a cash and debt-free basis. Cooper Lighting, based in Peachtree City, GA, United States, generated €1,477 million of sales, Adjusted EBITA of €150 million and EBITA of €165 million in 2019.
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