Applied Industrial Technologies, Cleveland, OH, has made one of its largest acquisitions in the U.S. fluid power market with an agreement to buy seven distribution businesses from Fluid Power Resource LLC.
The purchase fits with Applied's strategy to continue building out its fluid power unit, according to Warren E. Bud"Hoffner, who oversees Applied's fluid power group.
"It's just a great fit for Applied, and we've always thought that,"Hoffner told MDM. "FPR ran these companies as standalone firms in each local or regional market. That fits very well with how we're structured."
The last large acquisition Applied made in the U.S. fluid power market was Spencer Industries Inc., Kent, WA, a regional fluid power distributor with about $65 million in ...