In October 2009, Montgomery County commissioners approved a $125,000 grant to move jobs from Cooper’s Springfield location to the company’s Dayton location, expanding and renovating the latter facility. At the time, Cooper was investing about $225,000 into its 762 W. Stewart facility.
Cooper makes tools for the automotive, aerospace, energy and industrial markets. A message was left with Dave Cook, Cooper’s Ohio operations manager. Messages were also left for spokespeople for Cooper and Danaher.
The new joint venture will be named Apex Tool Group LLC. Under the agreement, Cooper and Danaher will each own half of the new company and have equal representation on the joint venture’s board of directors.
“Cooper will continue to focus on growing our core electrical products business,” Kirk Hachigian, Cooper Industries chairman and chief executive, said in a press release from the companies.
Cooper expects to recognize a net after-tax loss in the second quarter this year related to the transaction of about $90 million or 53 cents per share, the company said.
Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.
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