(Corrects paragraph 4 to show Apex was formed in 2010, not
Oct 10 Danaher Corp and Cooper
Industries said they will sell their hand and power
tools joint venture, Apex Tool Group, to Bain Capital for about
Danaher and Cooper each own a 50 percent stake in Apex,
which makes Crescent wrenches, Lufkin measuring tapes and hand
tools for Sears Holdings Corp's Craftsman brand.
Danaher and Cooper, which is in the process of being
acquired by Eaton Corp for $11.8 billion, formed Apex by
combining their tool businesses.
Apex's annual revenue is about $1.5 billion, according to
its website. The joint venture was formed in July 2010 and
employs about 8,000 people across 30 countries.
Danaher said it will receive $650 million in net proceeds
from the sale, which is expected to close in the first half of
Reuters reported in September that Bain, the private equity
firm co-founded by U.S. presidential candidate Mitt Romney, was
close to buying Apex, prevailing over Platinum Equity LLC and
American Securities LLC in an auction.
(Reporting by A. Ananthalakshmi in Bangalore; Editing by