Applied Industrial Technologies,Cleveland, OH, announced that its board of directors declared a three-for-two stock split payable on Dec.17, 2004 to shareholders of record on Dec. 3, 2004.
"We are pleased to announce our split. The trading volume in our stock has consistently increased over the last year, and this move makes more shares available to the marketplace," said David L. Pugh, chairman and CEO of Applied. "In addition, the share price of our stock following the split should make the stock more attractive to a broader audience of investors."
On Dec.17, an additional stock certificate will be issued representing one additional share of common stock for every two shares of common stock held. Stock certificates presently held continue to be valid and should be retained. Fractional shares will not be issued but will be paid in cash. Following the stock split, approximately 29,600,000 shares of the company's common stock will be outstanding.
With 430 facilities and 4,300 employee associates across North America, Applied Industrial Technologies offers 2 million parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. For its fiscal year ended Jun. 30, 2004, the company posted sales of $1.52 billion.