US firms Danaher Corp, which makes the Craftsman tool brand, and Cooper Industrial, whose brands include Campbell, Apex and Crescent, have announced a joint tool venture.
The deal, which is expected to complete later this year, will see the two companies form a yet-to-be-named tool company, with a 50% stake each. However, according to a report from Reuters, the new 50/50 company will pay a $90m dividend to Danaher "potentially reflecting higher margins on the Danaher side of the business."

Like the recent Black & Decker/Stanley merger, the two companies will have equal representation on the board, with Danaher Tool Group president Steve Breitzka taking the ceo role.