October 15, 2019 / 8:56 PM / a month ago

UPDATE 1-Signify to buy Cooper Lighting from Eaton for $1.4 billion

(Adds company details, industry background)

AMSTERDAM, Oct 15 (Reuters) - Signify, the Dutch-based lighting company, said on Tuesday it has agreed to buy Cooper Lighting Solutions of the United States from Eaton Corp for $1.4 billion in cash.

The company said in a statement the acquisition would strengthen the strategic position of Signify, the world's largest lighting maker, in North America.

The acquisition is the largest by Signify, the former Philips Lighting, since it was spun off from Philips in 2016.

Signify said the deal would add to earnings per share in the first year, and would lead to cost savings of $60 million annually within three years.

Closing of the deal is expected in the first quarter of 2020 pending regulatory approvals, Signify said.

Cooper Lighting Solutions is headquartered in Peachtree City, Georgia. It sells professional lighting and controls under the Corelite, Halo, McGraw-Edison and Metalux brands, Signify said.

Cooper reported 2018 sales of $1.7 billion, and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $187 million. (Reporting by Toby Sterling in Amsterdam Editing by Sandra Maler and Matthew Lewis)

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