The 2020 Mid-Year Economic Update_long

Applied Industrial Agrees to Acquire Knox Oil Field Supply

Acquisition bolsters Applied's oilfield supplies offerings.

Industrial distributor Applied Industrial Technologies (NYSE: AIT), Cleveland, OH, has agreed to acquire Knox Oil Field Supply, San Angelo, TX. The acquisition is expected to be completed around July 1.

Knox Oil Field Supply is a distributor of oilfield supplies and related services, with products including downhole pumps, rods, valves and fittings, and general supplies. Services include pump diagnostics and repair, as well as valve repair. Knox operates from 15 locations in Texas and one in New Mexico, with annual sales of over $100 million.

“Their strong oil and gas industry knowledge, experience and market presence will enhance our product and service offering in this growing energy sector," said Neil Schrimsher, president and CEO of Applied. "Combined with our recent acquisitions of Reliance Industrial Products and Texas Oilpatch Services, the addition of Knox will further bolster our position within the area of oilfield supplies and build on our upstream oil and gas capabilities.”

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