Applied Industrial Technologies, Cleveland, OH, has acquired the assets of regional fluid power distributor Spencer Industries, Inc., Kent, WA. The business was acquired from Wajax Income Fund of Toronto, Ontario. Spencer will operate as a subsidiary of Applied under the name Spencer Fluid Power, Inc. Spencer's trailing 12-month sales are $49 million.
Founded in 1945, Spencer is a value-added distributor of hydraulic components and systems. The company currently operates nine locations with 150 employees throughout the Western U.S., including Washington, Oregon, Montana, Wyoming, Idaho, Utah and California. Four locations offer repair and service capabilities for a wide array of pumps, motors and cylinders. The other five locations combine sales with service and repair capabilities. Spencer's trailing 12-month sales are approximately $49 million.
Spencer serves a broad range of customers, including small to large OEMs, primarily in the lumber, mining, construction, and oil and gas industries. Jerry Randecker, currently president of Spencer, will assume the new title of Vice President-General Manager, reporting to Applied's fluid power business unit led by Vice President-Fluid Power, Bud Hoffner.
"The addition of Spencer's nine locations, along with its experienced associates, will significantly strengthen Applied's fluid power business unit," said Todd Barlett, Applied's Vice President - Acquisitions and Global Business Development. "This acquisition gives Applied better geographic coverage, a strong pool of talent, and additional repair and service capabilities. Spencer's marketing know-how in the mining and wood products industries adds to Applied's existing expertise to support opportunities for additional growth."
With more than 440 facilities and 4,500 employee-associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 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 June 30, 2005, Applied posted sales of $1.72 billion.