WASHINGTON (March 26, 2010) — Danaher Corp. and Cooper Industries P.L.C. have agreed to merge their tool businesses, Danaher Tool Group and Cooper Tools, in a joint venture.
Cooper and Danaher will each hold a 50-percent ownership stake in the yet-to-be-named joint venture. Danaher Tool Group's Steve Breitzka will serve as president and CEO of the venture, which will be headquartered in Sparks, Md.
The combined company will market numerous tool brands, including: Allen, Apex, Armstrong Tools, Campbell, Cleco, Crescent, Erem, GearWrench, H.K. Porter, Jacobs Chuck, Jobox, K-D Tools, Lufkin, Nicholson, Plumb, Sata, Weller and Wiss.
The companies said they have complementary product offerings, distribution channels and geographic reach and together will provide a broader array of hand and power tools to a more diverse range of end-users in the do-it-yourself, manufacturing and assembly, automotive, construction, and electrical trades.
The new venture represents about $1.2 billion in combined revenue, the companies said, with more than 7,600 employees.
“Combining the strengths of each company is expected to translate into significant benefits for our collective customers across the globe,” Mr. Breitzka said. “In addition to offering a wider and deeper line-up 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 said they expect customers will be able to continue to purchase products and receive customer service through the existing channels.