DALLAS, Feb. 3 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) announced today it has signed a letter of intent for the
acquisition by Cooper Industries, Inc. (NYSE: CBE) of Global's INTOOL
Division, which manufactures and sells tools specifically designed for the
aircraft, motor vehicle, energy and general industrial markets.  INTOOL's
products are sold under the Cleco, Quackenbush, Airetool, ITD Automation and
Rotor names.
    The terms of the agreement were not disclosed.  The parties expect to sign
a definitive agreement within the next several weeks.
    "We have been extensively reviewing strategic opportunities for our
business and have determined that we can create the greatest value for our
shareholders by continuing to be an active participant in the consolidation of
the refractories industry and by seizing the unique market opportunities we
see for our Ameri-Forge business," said J.L. Jackson, President, Chairman and
Chief Executive Officer of Global.  "The sale of INTOOL will provide us with
the capital required to pursue the development of both of these businesses."
    "We are delighted to find an owner for INTOOL that is committed to the
industrial tool business and growing INTOOL's brands and operations over the
long-term," Jackson stated.  "The combined company will be a stronger supplier
for our valued customers and more competitive with the larger suppliers."
    INTOOL, which employs approximately 740 people, is headquartered in
Houston, TX, and has manufacturing plants in Houston, TX, Springfield and
Cleveland, OH and Auburn Hills, MI.
    INTOOL will become part of Cooper Power Tools Division, which manufactures
pneumatic and DC electric tools, screwdriver bits, impact sockets, universal
joints, hoists, and assembly equipment, sold under the Apex, Buckeye, Doler
and Dotco trademarks, and licensed trademarks Gardner-Denver and DGD.
Headquartered in Lexington, South Carolina, Cooper Power Tools has
manufacturing facilities in five domestic and five international locations,
and approximately 1,500 employees worldwide.
    Global Industrial Technologies is a major manufacturer of technologically
advanced industrial products supporting high-growth markets worldwide.

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