Cooper Industries and Danaher Corporation Announce Definitive Agreement To Sell Apex Tool Group For $1.6 Billion To Bain Capital
DUBLIN, Oct. 10, 2012 /PRNewswire/ -- Cooper Industries (NYSE: CBE) and Danaher Corporation (NYSE: DHR) announced today 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, Cooper and Danaher each maintain a 50% joint venture ownership interest in Apex.
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.
Goldman Sachs (NYSE: GS) served as the exclusive financial advisor to Apex Tool Group.
About Cooper Industries
Cooper Industries plc (NYSE: CBE) is a global electrical products manufacturer with 2011 revenues of $5.4 billion. Founded in 1833 Cooper's sustained success is attributable to a constant focus on innovation and evolving business practices, while maintaining the highest ethical standards and meeting customer needs. The Company has seven operating divisions with leading market positions and world-class products and brands, including Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. With this broad range of products, Cooper is uniquely positioned for several long-term growth trends including the global infrastructure build-out, the need to improve the reliability and productivity of the electric grid, the demand for higher energy-efficient products and the need for improved electrical safety. In 2011 sixty-two percent of total sales were to customers in the industrial and utility end-markets and forty percent of total sales were to customers outside the United States. Cooper has manufacturing facilities in 23 countries as of 2011. For more information, visit the website at www.cooperindustries.com.
Statements in this release that are not strictly historical, including statements regarding the proposed sale of Apex and the expected timetable for completing the transaction that we believe or anticipate will or may occur in the future, are "forward-looking" statements within the meaning of the federal securities laws, and involve a number of risks and uncertainties. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. These factors include risks and uncertainties related to, among other things: general economic conditions and conditions affecting the industries in which Apex operates; the uncertainty of regulatory approvals; and the parties' ability to satisfy the closing conditions and consummate the transaction. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Cooper's SEC filings including Cooper's Annual Report on Form 10-K for the year ended December 31, 2011 and Quarterly Report for the quarter ended June 30, 2012. These forward-looking statements speak only as of the date of this release and Cooper does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.
Statement required by the Irish Takeover Rules
The directors of Cooper accept responsibility for the information contained in this communication relating to Cooper and its Associates and the directors of Cooper and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the directors of Cooper (who have taken all reasonable steps to ensure such is the case), the information contained in this communication for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.
For information contact:
Director, Treasury and Investor Relations
SOURCE Cooper Industries plc