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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
November 21, 2000
Contact: John Breed
(713) 209-8835
COOPER INDUSTRIES ACQUIRES SHAPER LIGHTING
HOUSTON, TX, Nov. 21 -- Cooper Industries, Inc. (NYSE:CBE) today announced that
it has acquired Shaper Lighting, a Richmond, California-based privately held
manufacturer of specification and commercial grade lighting fixtures. Shaper's
product line includes custom and standard interior ceiling-mounted fixtures and
interior and exterior wall-mounted fixtures. Shaper has annual sales of
approximately $11 million. Shaper will become part of the Cooper Lighting
division of Cooper Industries.
"Shaper is the fifth strategic product line acquisition that we have
added to our Cooper Lighting division since 1998," said H. John Riley, Jr.,
chairman, president and chief executive officer, Cooper Industries. "As a result
of these additions and aggressive new product development, Cooper Lighting now
offers one of the lighting industry's most comprehensive product lines - with
products designed for consumer, commercial, industrial and architectural
applications. At the same time, these additions have expanded Cooper Lighting's
participation in both the retail and commercial lighting markets."
Acquired for approximately $8 million, Shaper Lighting is expected to
contribute to Cooper's earnings beginning in 2001. Further information is
available on a Form 8-K that will be filed today with the SEC.
Cooper Lighting, a division of Cooper Industries, manufactures
fluorescent, incandescent and HID lighting fixtures for indoor and outdoor use.
Products are used worldwide in homes and commercial buildings, including
landscapes, shopping centers, sports facilities, parking lots, high-security
areas and industrial plants. Headquartered in Elk Grove Village, Ill., Cooper
Lighting has manufacturing facilities in 12 domestic and four international
locations and approximately 7,000 employees worldwide.
-more-
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COOPER INDUSTRIES, INC. PAGE 2
Cooper Industries, with 1999 revenues of $3.9 billion, is a worldwide
manufacturer of electrical products, tools and hardware. Additional information
about Cooper is available on the Company's Internet site:
www.cooperindustries.com.
Statements in this news release are forward-looking under the Private
Securities Litigation Reform Act of 1995. These statements are subject to
various risks and uncertainties, including the timing of integrating the
acquired company into Cooper's electrical products segment, the level of market
demand for the Company's products, competitive pressures and future economic
conditions. These factors are discussed in the Company's 1999 Annual Report on
Form 10-K and other Securities and Exchange Commission filings.
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