Washington, D.C.-based Danaher Corp. and Cooper Industries in Houston have reached an agreement to combine their respective tool businesses.
In the joint venture, each company will hold a 50 percent ownership.
Danaher Tool Group executive Steve Breitzka will lead the new company as its president and chief executive officer. The company headquarters will be located in Sparks, Md., and its board of directors will consist of six members with three members appointed by each of the parent companies. The leadership team will include both Cooper Tools and Danaher Tool Group executives.
Terms were not released. The transaction is subject to customary closing conditions and is expected to become final after securing the necessary regulatory approvals.
The combined company will market brands such as Allen, Apex, Armstrong Tools, K-D Tools, Lufkin, Weller and Wiss.
“Combining the strengths of each company is expected to translate into significant benefits for our collective customers across the globe,” Breitzka said. “In addition to offering a wider and deeper lineup of leading tool brands, we expect to be better positioned to drive new product innovation - a hallmark of both businesses - with shared engineering resources.”
The companies expect that customers will be able to continue to purchase products and receive customer service through the existing channels.
For more information about the new company, visitwww.cooperdanahertools.com.
Danaher, Cooper to join businesses
June 1, 2010