Year-to-date sales down 0.9 percent.
Latest In Applied Industrial
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.
Fourth quarter sales grew 5 percent.
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 declined 1.4 percent in the quarter.
Profit for the industrial distributor increased 27.1 percent.
Neil Schrimsher succeeds David Pugh who will retire at the end of October.
