February 11, 2008 – Cooper Industries, Ltd. (NYSE:CBE) today announced that its subsidiary, Cooper Controls (U.K.) Limited, acquired more than 98 percent of the outstanding shares of The MTL Instruments Group plc (MTL ), a publicly traded company (LSE:MTI) based in the United Kingdom, and will exercise its right under U.K. law to acquire the remaining outstanding shares.
MTL is the manufacturer of the NovaTech 8000 Series I/O. In a meeting with MTL executives, NovaTech management has been assured that the acquisition will not affect the relationship between the two companies. The NovaTech 8000 Series I/O will continue to be manufactured in the same facilities and supported by the same team which has supported the 8000 I/O since NovaTech introduced it. NovaTech and Cooper will continue with 8000 I/O development projects which will include the introduction of several new modules in 2008.