cooper

company history

Cooper Industries was founded in 1833 by brothers Charles and Elias Cooper. The company started as a foundry located in Mt. Vernon, Ohio, and was initially called the C&E Cooper Company. The company’s initial product offerings included plows, hog troughs, kettles and stoves. By the mid-nineteenth century, the Company had shifted its focus to manufacturing steam engines in hopes of leveraging the country’s growing trend towards rail transportation. It was during this period that the Company developed the Cooper Traction Engine, an innovation that is credited for helping to power our nation’s move from an agrarian to an industrial society.

As the use of steam power declined in the late 1800s, Cooper again shifted its focus, this time to manufacturing and developing internal combustion engine technology. By the time the 20th century arrived, Cooper Industries had become the leader in diesel engine manufacturing – it was the dissemination of these engines that enabled the further development of the oil and gas industry. This period was also highlighted by the historic merger with Bessemer Gas Engine Company. The merger is still referenced to this day in the company’s stock symbol (CBE).

In the 1940s, Cooper played an integral role in the U.S. World War II effort. Cooper supplied submarines, along with the engine components that powered the famous Liberty Ships, which carried 75% of the cargo used by Allied armed forces. After the war, the company again embarked on an effort to adapt itself in a changing world economy; as it looked to increase its product portfolio, Cooper expanded its offering into electrical products, electrical power equipment, automotive products, tools and hardware. Milestone events during this period included the merger with Crouse-Hinds in 1981, and then with McGraw-Edison in 1985.

In the last decade of the 20th century, Cooper underwent a period of portfolio rationalization, reducing its exposure to more cyclical industries such as automotive and petroleum. Ultimately, Cooper emerged focused on just two business segments – Electrical Products and Tools. Thanks to the continued development of corporate operations, the company will focus on a core set of strategic initiatives, its management practices were improved, the condition of its balance sheet is outstanding and its product portfolio has also been re-focused on key technology platforms. As a result of the above steps, the company has secured its sustained growth in the years ahead.