Danaher, Cooper Form Joint Venture

WASHINGTON (AP) -- Medical equipment maker Danaher Corp. and Cooper Industries PLC have completed the formation of their joint venture to blend some of their tool manufacturing businesses.

The joint venture, which was announced in March, will be named Apex Tool Group LLC. Cooper and Danaher each will own a 50 percent stake.

Cooper operates in the industrial, residential, utility and commercial electrical and tool products sectors. The company expects to take a net after-tax currency exchange loss of about $90 million, or 53 cents per share, in the second quarter.

Excluding that charge, the joint venture isn't expected to have a material impact on Cooper's earnings this year. Cooper is based in Houston.