Cooper Industries, Houston, and Danaher Corp., Washington, D.C., have signed an agreement to combine certain operations of their respective tools manufacturing businesses in a joint venture to create a global business with leading brands, greater scale and a more diversified product portfolio.

Cooper and Danaher each will own a 50-percent share of the new company and will have equal representation on the joint venture's board. The 2009 sales of the two tools businesses on a combined, non-GAAP basis were approximately $1.2 billion. The two companies will deconsolidate the financial results of their respective tools businesses and record the financial results as equity investments. As a result of the transaction, the new company is expected to make a dividend payment of $90 million to Danaher. Steve Breitzka, president of Danaher Tool Group, will lead the joint venture as CEO.

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