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Cooper Industries plc (NYSE: CBE) and Danaher Corp. (NYSE: DHR) announced the completion of the joint venture combining Cooper’s Tools business with certain tools businesses from Danaher's Tools and Components unit.
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The joint venture, which was previously announced in March 2010, will be named Apex Tool Group, LLC. Under the joint venture agreement, Cooper and Danaher each own a 50 percent share of the new company and have equal representation on the joint venture’s Board of Directors. Steve Breitzka, former President Danaher Tool Group, leads the joint venture as CEO.
In March, Cooper Industries CEO Kirk S. Hachigian said the joint venture would create a global tools business with more than $1.2 billion in annual revenues.
“We are extremely excited about the creation of this global tools business with Danaher, which we expect to deliver long-term value creation to our shareholders, customers and employees. We are confident that the joint venture’s management team will successfully capitalize on the synergies that are inherent in combining these two businesses. Cooper will continue to focus on growing our core electrical products business by executing on our organic growth initiatives of customer loyalty, innovation and globalization and utilizing our exceptionally strong balance sheet for strategic acquisitions,” said Cooper Industries CEO Kirk S. Hachigian.
Cooper Industries is a global manufacturer with 2009 revenues of $5.1 billion, about 89 percent of which are from electrical products. In 2009, 61 percent of sales were to customers in the industrial and utility end-markets and 39 percent of sales were to customers outside the U.S. Cooper has manufacturing facilities in 23 countries as of 2009.
Danaher, Washington. D.C., serves customers in more than 125 countries and had $11.2 billion of revenue in 2009.