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Danaher Corp. (NYSE: DHR), Washington, DC, and Cooper Industries (NYSE: CBE), Dublin, Ireland, have agreed to sell Apex Tool Group to Bain Capital for $1.6 billion. Danaher and Cooper currently maintain a 50 percent joint ownership interest in Apex.
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Apex will continue to be led by Steve Breitzka, president and CEO, and the rest of the current management team.
Apex Tool Group was created as a joint venture in 2010, combining Cooper’s Tools business with certain tools businesses from Danaher's Tools and Components unit.