The joint venture announced in March between hand and power tool companies Danaher Corp. and Cooper Industries plc now has a name: Apex Tool Group L.L.C.
The deal was recently finalized and will be steered by a management team consisting of both Cooper and Danaher executives.
Apex Tool Group has its headquarters in Sparks and is headed by President and CEO Steve Breitzka, a former Danaher Tool Group executive. Steve Simms, a former executive vice president with Danaher Corp., is Apex chairman.
The new venture 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, among others. It also will manufacture several private label brands for large retailers and industrial distributors.
The new company said it intends to maintain existing commercial facilities and personnel in both Sparks and Apex, N.C., the locations of Danaher Tool Group and Cooper Tools, respectively.
The joint venture provides customers of both manufacturers an expanded portfolio of products, as well as increased efficiencies and resources with expanded distribution channels, according to Apex Tool. The joint venture also said combining the two companies' engineering resources will fuel new tool product ideas and manufacturing innovations.
Current Apex Tool Group customers will continue to purchase products and receive customer service through their existing contacts, according to the company.
Mr. Breitzka said the closing of the joint venture “marks the beginning of two great companies now operating as one. This enables us to move full steam ahead on our vision to provide a broader array of hand and power tools to a more diverse range of end users in automotive and industrial assembly and repair, contractor trades, as well as do-it-yourself consumers.”