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Headquarters: Cleveland, OH
2014 Revenues: $713.4 million
Change in Sales from 2013: 1.9%
2014 Acquisitions: Reliance Industrial Products; Knox Oil Field Supply; Ira Pump & Supply; Texas Oilpatch Services; Rodamientos y Derivados del Norte S.A. de C.V.; Great Southern Bearings; Northam Bearings
Key Executives: Neil Schrimsher, president & CEO; Mark Eisele, vice president, CFO & treasurer; Thomas Armold, vice president, sales; Todd Barlett, vice president, acquisitions & global business development; Fred Bauer, vice president, general counsel & secretary; Kurt Loring, vice president, chief human resources officer; Jody Chabowski, assistant controller; Shaun McElhannon, assistant treasurer
Applied Industrial Technologies had an acquisitive 2014, with a particular focus on expanding services to oil and gas markets in the U.S. and Canada. While that market was booming in 2014, the steep drop in oil prices and the subsequent slowdown in oilfield production has provided a more challenging environment in those areas.
Results for fiscal 2014 were disappointing, according to CEO Neil Schrimsher in Applied's 2014 annual report, but the company continues to focus on expanding its value-add and product offerings.
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