EX-99.1

Cooper Industries Reports First Quarter Revenues Up 11 Percent;
Earnings of $.86 Per Share, Including $.05 Per Share Gains From
Currency Related and Discrete Tax Items

Earnings Per Share Up 14 Percent to $.81 Excluding Gains from
Currency Related and Discrete Tax Items

HOUSTON, April 24, 2008 – Cooper Industries, Ltd. (NYSE:CBE) today reported first quarter 2008 earnings per share of $.86 (diluted), an increase of 21 percent compared with $.71 earnings per share for the first quarter 2007. Excluding gains from currency related and discrete tax items, the first quarter 2008 earnings per share of $.81 is 14 percent higher than comparable prior year results. First quarter 2008 revenues increased 11 percent to $1.55 billion, compared with $1.39 billion for the same period last year. For the first quarter of 2008, net income excluding gains from currency related and discrete tax items rose 10 percent to $145.1 million, compared with $131.9 million for the prior year’s first quarter.

“Cooper had a very strong start to 2008. Our significant exposure to the energy and global project infrastructure markets, as well as increasing investment in faster growing, higher-margin platforms allowed us to deliver solid top-line growth and double-digit earnings growth. Despite the loss of a large distribution center from a tornado and restructuring costs in our Cooper Tools business, we delivered 14 percent recurring EPS growth. Core revenue growth was supplemented by acquisitions, which contributed slightly more than 6 percent, as well as currency translation, which contributed almost 3 percent,” said Cooper Industries Chairman and Chief Executive Officer Kirk S. Hachigian.

The 2008 first quarter includes gains from currency related and income tax items totaling $8.3 million, or $.05 earnings per share.

During the first quarter of 2008, the Company purchased 6.3 million shares of common stock for $266.4 million and issued $300 million of seven-year senior unsecured notes at a 5.56 percent effective interest rate. As of March 31, 2008, the company’s debt net of cash and investments to total capitalization was 31.0 percent compared to 24.8 percent at December 31, 2007. “We continue to forecast free cash flow to exceed recurring income for the eighth year in a row. Our consistent ability to deliver strong free cash flow and our strong balance sheet enabled us the opportunity to take advantage of our weak stock price in the first quarter,” said Hachigian.

Segment Results
Electrical Products segment revenues for the first quarter of 2008 increased 12 percent to $1.36 billion, compared with $1.21 billion in the first quarter 2007. Acquisitions increased revenues by approximately 7 percent and currency translation contributed approximately 2 percent to the year-over-year growth. Segment operating earnings were $223.5 million, an increase of approximately 16 percent from $193.5 million in the prior year’s first quarter. Segment operating margin improved 40 basis points to 16.4 percent for the first quarter of 2008.

“We delivered a very strong 2008 first quarter against an outstanding prior year, where core revenues increased 9 percent,” said Hachigian.

The increase in revenues for the Electrical Products segment reflects continued strength in the industrial and energy markets, with international market initiatives providing further growth for the first quarter of 2008. The continued softness in the U.S. residential markets partially offset the segment’s overall revenue growth. Revenues and earnings were also impacted by the loss of a large distribution center from a tornado.

During the first quarter of 2008, the Company completed the acquisition of MTL Instruments Group plc (“MTL”), a publicly traded company (LSE: MTI) based in the United Kingdom. The total purchase price, including assumed debt, was approximately $332 million. For the year ended December 31, 2007, MTL reported consolidated revenues of approximately $190 million.

Tools segment revenues for the first quarter of 2008 were $184.5 million, up slightly from 2007 first quarter revenues of $183.4 million. Excluding the effects of currency translation, revenues for the quarter were approximately 5 percent lower than 2007 first quarter on declining retail revenue and weaker North America industrial demand. International industrial demand provided some offset to the lower North America revenue results for the quarter. Segment operating earnings were $17.2 million, down from the first quarter 2007 levels of $21.8 million. Segment operating margin for the first quarter 2008 was 9.3 percent compared to 11.9 percent for the comparable prior year period. The first quarter 2008 results include approximately $1.0 million in restructuring costs.

Outlook
“While there continues to be considerable uncertainty in the U.S. economy, we have a diversified portfolio and have demonstrated the ability to execute upon our strategic initiatives,” said Hachigian. “We are encouraged by our order levels during the first quarter as they exceeded revenues in 7 of our 8 business units. We continue to see opportunities from our investments in developing markets, as well as the energy and utility infrastructure markets. We are confident of our ability to provide growth and leverage from our recent acquisition activities as we move through the remainder of 2008.”

“We have a strong management team in place and we remain committed to delivering a balance of growth, margin expansion and cash generation. For 2008, we are now forecasting earnings per share to increase 12 to 16 percent to $3.51 to $3.65, inclusive of the first quarter gains from currency and discrete tax items of $.05 per share as well as the expected second quarter acquisition integration and reorganization costs of $.02 to $.03 per share, with revenue gains in the range of 10 to 13 percent. For the second quarter of 2008, inclusive of expected acquisition integration and reorganization costs in the Tools segment, we expect earnings per share to increase 10 to 15 percent with revenue gains in the range of 12 to 15 percent.”

Cooper Industries, Ltd. (NYSE: CBE) is a global manufacturer with 2007 revenues of $5.9 billion, approximately 87% of which are from electrical products. Founded in 1833, Cooper’s sustained level of success is attributable to a constant focus on innovation, evolving business practices while maintaining the highest ethical standards, and meeting customer needs. The Company has eight operating divisions with leading market share positions and world-class products and brands including: Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2007, sixty percent of total sales were to customers in the industrial and utility end-markets and 34% of total sales were to customers outside the United States. Cooper, which has more than 31,500 employees and manufacturing facilities in 23 countries as of 2007, is incorporated in Bermuda with administrative headquarters in Houston, TX. For more information, visit the website at www.cooperindustries.com.

Comparisons of 2008 and 2007 first quarter results appear on the following pages.

Statements in this news release are forward looking under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the Company’s earnings outlook. These statements are subject to various risks and uncertainties, many of which are outside the control of the Company, and actual results may differ materially from anticipated results. Important factors which may affect the actual results include, but are not limited to: 1) competitive pressures and future global economic conditions, including the level of market demand for the Company’s products; 2) changes in raw material, transportation and energy costs; 3) the ability to execute and realize the expected benefits from strategic initiatives including revenue growth plans, and cost-control and productivity improvement programs; 4) any disruptions from manufacturing rationalizations and the implementation of the Enterprise Business System; 5) mergers and acquisitions, and their integration; 6) political developments; 7) changes in financial markets including currency exchange fluctuations; 8) changes in legislation and regulations including changes in the tax laws, tax treaties or tax regulations; 9) the timing and amount of share repurchases by the Company; and 10) the resolution of potential liability exposure resulting from Federal-Mogul Corporation’s bankruptcy filing.

Cooper will hold a conference call today at 12:00 noon EDT to provide shareholders and other interested parties an overview of the Company’s first quarter 2008 performance. Those interested in hearing the conference call may listen via telephone by dialing (888) 680-0890 using pass code 22564778, or over the Internet through the Investor Center section of the Company’s website, using the “Management Presentations” link. International callers should dial (617) 213-4857 and use pass code 22564778.

The conference call may include non-GAAP financial measures. Cooper will post a reconciliation of those measures to the most directly comparable GAAP measures in the Investor Center section of the Company’s website under the heading “Management Presentations.”

Informational exhibits concerning the Company’s first quarter performance that may be referred to during the conference call will be available in the Investor Center section of the Company’s website under the heading “Management Presentations” prior to the beginning of the call.


	Quarter Ended March 31,
	2008		2007
	(in millions, except per share data)
Revenues	$	1,546.1	$	1,394.0
Cost of sales		1,022.2		944.9
Selling and administrative expenses		301.5		255.4

Operating earnings		222.4		193.7
Interest expense, net		14.9		12.9

Income before income taxes		207.5		180.8
Income taxes		54.1		48.9

Net income	$	153.4	$	131.9

Income per Common Share:
Basic	$	.87	$	.72

Diluted	$	.86	$	.71

Shares Utilized in Computation of Income Per Common Share:
Basic	177.1 million		183.0 million
Diluted	179.3 million		186.5 million

CONSOLIDATED RESULTS OF OPERATIONS (Continued)
Additional Information for the Quarter Ended March 31
Segment Information


	Quarter Ended March 31,
	2008		2007
	(in millions)
Revenues:
Electrical Products	$	1,361.6	$	1,210.6
Tools		184.5		183.4

Total	$	1,546.1	$	1,394.0

Segment Operating Earnings:
Electrical Products	$	223.5	$	193.5
Tools		17.2		21.8

Total Segment Operating Earnings		240.7		215.3
General Corporate Expense		18.3		21.6
Interest expense		14.9		12.9

Income before income taxes	$	207.5	$	180.8


	March 31,			December 31,
	2008			2007
	(in millions)
ASSETS
Cash and cash equivalents	$	139.2		$	232.8
Investments		65.0			93.7
Receivables		1,139.2			1,048.6
Inventories		742.1			643.7
Deferred income taxes and other current assets		290.6			284.2

Total current assets		2,376.1			2,303.0

Restricted cash		5.6			290.1
Property, plant and equipment, less accumulated depreciation		763.1			719.8
Goodwill		2,736.5			2,540.3
Other noncurrent assets		386.9			280.3

Total assets	$	6,268.2		$	6,133.5

LIABILITIES AND SHAREHOLDERS’ EQUITY
Short-term debt	$	120.7		$	256.1
Accounts payable		558.0			533.1
Accrued liabilities		529.0			566.7
Current discontinued operations liability		189.1			179.1
Current maturities of long-term debt		100.1			100.1

Total current liabilities		1,496.9			1,635.1

Long-term debt		1,207.4			909.9
Postretirement benefits other than pensions		81.0			81.4
Long-term discontinued operations liability		330.0			330.0
Other long-term liabilities		426.1			335.2

Total liabilities		3,541.4			3,291.6

Common stock		1.7			1.8
Capital in excess of par value		—			85.7
Retained earnings		2,785.1			2,835.1
Accumulated other nonowner changes in equity		(60.0	)		(80.7	)

Total shareholders’ equity		2,726.8			2,841.9

Total liabilities and shareholders’ equity	$	6,268.2		$	6,133.5

RATIOS OF DEBT-TO-TOTAL CAPITALIZATION
AND NET DEBT-TO-TOTAL CAPITALIZATION
(PRELIMINARY)


	March 31,			December 31,
	2008			2007
	(in millions where applicable)
Short-term debt	$	120.7		$	256.1
Current maturities of long-term debt		100.1			100.1
Long-term debt		1,207.4			909.9

Total debt		1,428.2			1,266.1
Total shareholders’ equity		2,726.8			2,841.9

Total capitalization	$	4,155.0		$	4,108.0

Total debt-to-total-capitalization ratio		34.4	%		30.8	%
Total debt	$	1,428.2		$	1,266.1
Less: Cash and cash equivalents		139.2			232.8
Investments		65.0			93.7

Net debt	$	1,224.0		$	939.6

Total capitalization	$	4,155.0		$	4,108.0
Less: Cash and cash equivalents		139.2			232.8
Investments		65.0			93.7

Total capitalization net of cash and investments	$	3,950.8		$	3,781.5

Net debt-to-total-capitalization ratio		31.0	%		24.8	%


	Quarter Ended March 31,
	2008			2007
	(in millions)
Cash flows from operating activities:
Net income	$	153.4		$	131.9
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization		33.5			28.9
Deferred income taxes		12.3			(4.1	)
Excess tax benefits from stock options and awards		(2.7	)		(10.4	)
Changes in assets and liabilities⁽¹⁾
Receivables		(35.3	)		(93.2	)
Inventories		(59.9	)		(41.6	)
Accounts payable and accrued liabilities		(59.3	)		3.2
Other assets and liabilities, net		23.2			59.0

Net cash provided by operating activities		65.2			73.7

Cash flows from investing activities:
Proceeds from short-term investments		29.8			—
Proceeds from cash restricted for business acquisitions		284.5			—
Capital expenditures		(23.6	)		(22.1	)
Cash paid for acquired businesses		(267.1	)		(124.3	)
Proceeds from sales of property, plant and equipment and other		0.3			—

Net cash provided by (used in) investing activities		23.9			(146.4	)

Cash flows from financing activities:
Proceeds for issuance of debt		297.6			—
Proceeds from debt derivatives		0.5			—
Repayments of debt		(192.8	)		(1.0	)
Dividends		(38.2	)		(38.9	)
Purchase of common shares		(266.4	)		(39.3	)
Excess tax benefits from stock options and awards		2.7			10.4
Proceeds from exercise of stock options		6.0			21.5

Net cash used in financing activities		(190.6	)		(47.3	)

Effect of exchange rate changes on cash and cash equivalents		7.9			1.3

Decrease in cash and cash equivalents		(93.6	)		(118.7	)
Cash and cash equivalents, beginning of period		232.8			423.5

Cash and cash equivalents, end of period	$	139.2		$	304.8

⁽¹⁾Net of the effects of translation and acquisitions


	Quarter Ended March 31,
	2008			2007
Revenues		100.0	%		100.0	%
Cost of sales		66.1	%		67.8	%
Selling and administrative expenses		19.5	%		18.3	%
Operating earnings		14.4	%		13.9	%
Income before income taxes		13.4	%		13.0	%
Net income		9.9	%		9.5	%


	Quarter Ended March 31,
	2008			2007
Return on Sales:
Electrical Products		16.4	%		16.0	%
Tools		9.3	%		11.9	%
Total Segments		15.6	%		15.4	%


	Income
	Before			Income			Net			Income Per
	Income Taxes			Taxes			Income			Common Share
										Basic			Diluted
Reported quarter ended March 31, 2008	$	207.5		$	54.1		$	153.4		$	.87		$	.86
Currency related gains		(5.1	)		(1.4	)		(3.7	)		(.02	)		(.02	)
Tax benefits		—			4.6			(4.6	)		(.03	)		(.03	)

Excluding adjustments	$	202.4		$	57.3		$	145.1		$	.82		$	.81


Contact:		Jon Safran Director, Investor Relations 713-209-8610 jon.safran@cooperindustries.com