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Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, No. 10 on MDM's 2014 list of the top industrial distributors, has acquired Ira Pump & Supply Co. Inc., an oil and gas distributor in West Texas.
Terms of the sale were not disclosed, but the transaction is expected to increase Applied's current sales run rate by 2 percent and will be accretive in the current fiscal year.
"Ira Pump has a strong reputation and is an excellent fit for Applied, complementing our existing West Texas coverage and providing an expanded customer base for our bearings, power transmission, fluid power and fluid conveyance products," said Todd A. Barlett, Applied's vice president – acquisitions and global business development,