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The joint venture will combine two complementary tools businesses with well-known brands, experienced management teams and global customer bases. Cooper's portfolio of power tools products, wireless technologies and hand tools brands will join with Danaher's mechanic's hand tools business to create a comprehensive offering across many tools categories with very little product line overlap.
The company will be headquartered in Sparks, MD. Steve Breitzka, president of the Danaher Tool Group, will lead the joint venture as president and CEO.
"Size and scale are important in this industry and this combination will create a focused, global tools business with revenues in excess of $1.2 billion and significant sales in North America, South America, Europe, China, and Australia, a global manufacturing footprint, a more comprehensive product offering and a significantly improved cost position, all of which will enhance its global competitive position and ability to grow," said Cooper Industries CEO Kirk S. Hachigian.
The Tools Segment will be deconsolidated in Cooper's consolidated financial statements and reflected as an equity investment on Cooper's balance sheet and as equity earnings from a joint venture in the consolidated income statement.
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