Acquisition helps Applied expand oil and gas offerings.
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Profit declined 4.2 percent in the quarter.
TOPS is a distributor of bearings, oil seals and power transmission products.
The renewed focus on vending is part of Applied's rebranded VMI program.
The full-line catalog caters to MRO customers.
CEO: Weak industrial demand continued during the quarter.
Fourth-quarter sales increased 3.3 percent year over year.
For the first nine months, sales increased 3.8 percent.
Profit increased 29 percent in the quarter.
The newly acquired company is a Cleveland-based MRO distributor.
Profit increased 11.8 percent to $29.5 million.
Firm claims Applied's seeking shareholder approval for compensation breaches fiduciary approval.
Sales were $605.5 million for the quarter.
The distributor has agreed to acquire SKF's distribution businesses down under.
Applied Industrial Technologies, LP – the Canadian-operated subsidiary of Applied Industrial Technologies, Inc. – acquired the group in 2010.
Solutions Industrielles Chicoutimi and Specialites Industrielles Harvey will continue to operate under their existing names.
Profit for the industrial distributor increased 27.1 percent.