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Who is Apex Tool Group? |
| Apex Tool Group is a joint venture between certain tool businesses from Danaher Corporation and Cooper Industries, previously doing business as Danaher Tool Group and Cooper Tools. Apex Tool Group is the name of the new company created as a result of coming together of these two great companies. |
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| Why did Danaher Tool Group and Cooper Tools create the new company? |
| Danaher Tool Group and Cooper Tools have great synergies in their product portfolios, manufacturing capabilities and sales channels. Customers will benefit from a broader product offering from one supplier, an increased global presence and deeper resources for engineering innovation. |
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| Is the joint venture finalized? |
| Yes. On July 4th, 2010, Cooper Industries plc (NYSE: CBE) and Danaher Corporation (NYE: DHR) closed on the joint venture. The company is now officially Apex Tool Group in over 30 countries worldwide. |
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| Who is on the management team of Apex Tool Group? |
| The new management team is led by Steve Breitzka, president and chief executive officer of Apex Tool Group. Breitzka most recently held the position of group executive with Danaher Tool Group and has been an executive with Danaher since 1998. The management team includes both Danaher and Cooper executives. Its board of directors is comprised of seven directors with three appointees from each of the parent companies and Steve Breitzka as a non-voting member. |
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| Where will Apex Tool Group be based? |
| The new company’s headquarters is located in Sparks, Maryland; however, we intend to maintain the existing commercial facilities and personnel in both Sparks and in Apex, NC, the locations of Danaher Tool Group and Cooper Tools respectively. |
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| How will the joint venture affect customers? |
| Customers will have a significantly expanded product portfolio from which to choose when purchasing hand and power tools, whether at retail locations or through professional distributors. Increased efficiencies and global resource will benefit customers as distribution channels expand. Innovation will accelerate as the engineering resources of both companies combine to fuel new tool products and manufacturing excellence. |
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| How should customers interact with the new Apex Tool Group? |
| All brands of Danaher Tool Group and Cooper Tools will remain available to customers. Purchases will continue to be made according to established contacts with no immediate plans for changes. All terms and conditions of sales will remain unchanged and all warranties honored. As integration plans progress, customers will be kept informed and provided with opportunities to offer input and feedback. |
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| How should suppliers interact with the new Apex Tool Group? |
| Beginning July 6th, 2010, all checks and invoices will be issued under the Apex Tool Group name. For existing customers and suppliers, this should be treated as a name change only, with vendor numbers, customer numbers, and contact information being unchanged. As more integration efforts are completed, both customers and suppliers will be notified of any significant changes to existing policies and/ or procedures. |
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