US tool manufacturers Danaher Tool Group and Cooper Tools have launched joint tool venture Apex Tool Group.
The deal was announced earlier this year, and was finalised on July 4, 2010. The new company offers more than 30 leading brands to industrial, commercial and DIY customers.
Danaher Tool Group and Cooper Tools each have a 50% stake in the company, with equal representation on the board. Danaher executive Steve Breitzka has taken the ceo role.
A spokesperson for Apex Tool Group in the UK said: "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. As integration plans progress, customers will be kept informed and provided with opportunities to offer input and feedback."
According to the company's new website, Apex Tool Group employs 7,600 people, with operations in more than 30 countries. Based in Maryland, USA, it currently earns revenues of approximately $1.2bn.