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Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, No. 10 on MDM's list of the Top 40 Industrial Distributors, has agreed to acquire fluid power distributor FCX Performance Inc., a Columbus, OH, for $768 million.
Applied Industrial's 2016 revenues were $2.5 billion. FCX Performance, No. 30 on MDM's Top 40 industrial distributors list and No. 4 on MDM's Top 10 Fluid Power Distributors list, reported 2016 sales of $346 million.
“FCX brings to Applied market leading, value-added specialty flow control expertise with premier brands, high-touch technical service, an extensive footprint, and strong customer relationships," said Neil Schrimsher, president and CEO of Applied. "This compelling adjacency move is an excellent fit, especially when considering served industries, customer opportunities, engineering capabilities and value-added services. Our combined resources will make us a leading technical solutions provider with significant opportunities for growth.”
“We are extremely excited about the strategic prospects and overall fit with Applied," said Tom Cox, CEO of FCX. "The shared business philosophies and values, as well as the complementary products, custom application expertise, and complete one-stop solutions offering will provide enhanced value for our customers and excellent growth potential for our suppliers and team members.”