UPDATE... Mad Money's Jim Cramer weighs in on Eaton purchase of Cooper Industries

Mad Money's Jim Cramer has been a big fan of Eaton Corp. and its CEO Sandy Cutler for some time now. Click here to see what he has to say on this deal and why he thinks Eaton stock is a better buy than Facebook right now.

Eaton Corp., Cleveland, announced its plans to buy Cooper Industries, Houston, in a deal that's sure to send shockwaves throught the electrical market and bring Eaton into many new markets, including lighting, hazardous equipment, utility products, fuses, wiring devices and strut. The combined company would have had historical 2011 revenues of $21.5 billion, according to an Eaton press release. Cooper's stock price surged 25% on news of the acquisition.

While the conference call announcing the acquisitions focused for the most part on the financial aspects of the deal, Sandy Cutler, Eaton's CEO, did touch on the addition of utility products to Eaton's product mix, and seemed particularly excited about the potential of growth within this product area. Details

Presentation on acquisition from Eaton Corp. 5/21 conference call

More to come later today...