Applied Industrial Technologies Buys R.R. Floody Company

R.R.Floody adds a range of automation technologies and services to Applied Industrial Technologies’ portfolio.
Sentinel Acquires Empire Auto

On Thursday, Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, announced it had acquired R.R. Floody Company. Rockford, Illinois-based Floody is a provider of automation products, services, and engineered solutions focused on machine vision, mobile and collaborative robotics, motion control, material handling, and digital capabilities.

Floody’s team of 18 associates operates from one location and serves customers primarily across the consumer packaging, food and beverage, pharmaceutical, medical technology, and general industrial industries. Terms of the deal were not disclosed.

“We are pleased to announce the addition of the R.R. Floody Company, which further enhances our growing automation offering focused on next generation technologies,” said Applied President and CEO Neil Skirmisher. “Floody has a strong presence across the U.S. Midwest market and brings valuable and innovative capabilities in advanced facility automation with a focus on machine vision.

“Floody’s engineered solutions and technical expertise align with our overall strategy and provide further momentum to our scaling automation position into early fiscal 2022. We welcome Floody to Applied and look forward to their contributions going forward.”

On Tuesday, Applied Industrial Technologies reported fourth-quarter net sales of $895 million, which was an increase of 23.6% year-over-year. In the fourth quarter, the company reported net income of $59.24 million or $1.51 per share, compared to $29.99 million or $0.77 per share in the prior-year quarter.

For the full fiscal year, Applied Industrial Technologies’ 2021 sales were $3.24 billion, a decrease of 0.3% compared to last year. Operating profit of $205 million exceeded last year’s $89 million, while total 2021 net profit of $145 million easily beat 2020’s $24 million.

 

Related Posts

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.