INDUSTRY LEADERS LAUNCH APEX TOOL GROUP, APPOINT EXECUTIVE MANAGEMENT TEAM
SPARKS, MD (July 6, 2010) - Apex Tool Group, LLC, a global hand and power tool company formed through a joint venture between Danaher Corporation (NYSE:DHR) and Cooper Industries plc (NYSE:CBE), today announced the closing of the joint venture and unveiled the new company’s name and leadership team. Apex Tool Group is headquartered in Sparks, MD and led by former Danaher Tool Group Executive Steve Breitzka, the new company’s President and Chief Executive Officer. Steve Simms, a former Executive Vice President with Danaher Corporation and respected industry veteran, is Chairman of the Board of Directors. The new leadership team for Apex Tool Group includes both Cooper and Danaher executives.
Apex Tool Group markets some of the leading brands in the tool industry worldwide, 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 and manufactures several industry leading private label brands for large retailers and industrial distributors.
“The closing of this 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,” said Breitzka. “By combining our resources, we expect that Apex Tool Group will deliver even greater new product innovation to our customers and the industry.”
With facilities in more than 30 countries and 7,600 employees worldwide, Apex Tool Group combines the manufacturing excellence and innovation of both Danaher Tool Group and Cooper Tools to provide an expanded selection of high performance hand and power tools to its distribution partners.
“We’ve been working hard to minimize any disruptions to our customers since announcing the agreement to join forces back in late March and will begin to explore collaborative opportunities now that we are officially Apex Tool Group,” said Breitzka. “We are committed to maximizing value for our customers and making it easy to do business with our company.”
Current Apex Tool Group customers will continue to purchase products and receive customer service through their existing contacts. Over the next few months, the company will work with its customers to streamline processes as the new organization evolves. The newly formed company also unveiled a new corporate logo and website. For more information about the new company, please visit www.apextoolgroup.com.
About Apex Tool Group
Apex Tool Group, LLC based in Sparks, MD, is one of the largest worldwide producers of industrial hand and power tools, tool storage, drill chucks, chain, and electronic soldering products. Directly, and through its subsidiaries, Apex serves a multitude of global markets, including automotive, aerospace, electronics, energy, hardware, industrial, and consumer retail. Apex markets its portfolio of diverse products under its own brand names in addition to being the principal manufacturer for several key private label products for certain retailers for many years.