Cooper Industries (CBE) And Danaher Corporation (DHR) – Agreement To Sell Apex Tool Group
NYSE:DHR) and Cooper Industries (NYSE:CBE) announced that they have signed a definitive agreement to sell Apex Tool Group to Bain Capital for approximately $1.6 billion subject to post-closing adjustments. Currently, Danaher and Cooper each maintain a 50% joint venture ownership interest in Apex. Danaher expects the sale to generate after-tax net proceeds of approximately $650 million.
The closing of the definitive agreement is subject to customary conditions, including regulatory approvals. The parties currently expect that the transaction will close in the first half of 2013.
About Danaher – DHR
Danaher (DHR) is a science and technology leader that designs, manufactures, and markets innovative products and services to professional, medical, industrial, and commercial customers. DHR premier brands are among the most highly recognized in each of the markets we serve. The Danaher Business System provides a foundation to our 59,000 associates around the world, serving customers in more than 125 countries. In 2011, we generated $16.1 billion of revenue.
Danaher Corporation (DHR) designs, manufactures and markets professional, medical, industrial and commercial products and services. The Company’s research and development, manufacturing, sales, distribution, service and administrative facilities are located in more than 50 countries. It operates in five segments: Test & Measurement; Environmental; Life Sciences & Diagnostics; Dental; and Industrial Technologies. In April 2011, the Company sold its Pacific Scientific Aerospace (PSA) business. On June 30, 2011, the Company acquired Beckman Coulter, Inc. (Beckman Coulter). In January 2012, the Company sold its Accu-Sort businesses. In February 2012, the Company sold its Kollmorgen Electro-Optical (KEO) business. During the year ended December 31, 2011, the Company acquired EskoArtwork, On February 6, 2012, L-3 Communications Holdings, Inc. acquired Kollmorgen Electro-Optical unit of the Company.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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