Ohio Toolmaker Announces Plant Closure

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Researched by Industrial Info Resources (Sugar Land, Texas)--Apex Tool Group LLC (Sparks, Maryland) has announced plans to close its manufacturing plant in Hicksville, Ohio. Current plans are to close the facility by late November 2011.

The plant manufactures premier handheld and power tools for homeowners and various industries, such as automotive, aerospace and construction. Approximately 79 jobs will be lost. All work is being moved to an existing plant in South Carolina.

Apex Tool Group was created as a joint venture between Danaher Corporation (NYSE:DHR) (Washington D.C.) and Cooper Industries PLC (NYSE:CBE) (Houston, Texas) to maximize the company's product portfolios, manufacturing capabilities and sales channels. The company currently consists of about 7,600 employees, with operations in more than 30 countries worldwide. Their annual revenues are estimated at $1.2 billion.

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