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Cooper Industries Core Sales Increase 8.3% in Third Quarter

Cooper Industries plc, Dublin, Ireland, (NYSE: CBE) reported that third quarter 2010 sales were $1.24 billion, compared with $1.15 billion in the same period a year ago. Core revenue growth was 8.3 percent.

Revenues for the first nine months of 2010 were $3.49 billion, a 2.5 percent increase from the $3.41 billion in revenues for the first nine months of 2009, excluding Tools segment revenues. For the first nine months of 2010, profit excluding the loss on the Tools Joint venture recognized in the second quarter was $395.6 million, compared with $284.8 million from continuing operations for the prior year's first nine months.

Energy & Safety Solutions segment revenues for the third quarter of 2010 increased 7.2 percent to $655.7 million. Core revenues were 7.5 percent higher than the comparable prior year period. Revenues for the first nine months of 2010 increased 0.7 percent to $1.84 billion, compared to $1.83 billion for the same period last year.

Electrical Products Group segment revenues for the third quarter of 2010 increased 9.3 percent to $585 million. Core revenues were 9.2 percent higher than comparable prior year periods. Revenues for the first nine months of 2010 increased 4.7 percent to $1.65 billion, compared to $1.58 billion for the same period last year.

As a result of the creation of the Apex Tool Group joint venture on July 4, 2010, the Tools business was deconsolidated for the third quarter 2010. Cooper and Danaher Corp. each own a 50 percent interest in the Joint Venture. Equity income from the Apex Tool Group joint venture of $10.5 million is included in operating earnings in the third quarter 2010. Tools reported operating earnings of $6.8 million in the third quarter of 2009.

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