In yet another milestone marking its yearlong 100th anniversary celebration, Cleveland, Ohio-based Applied Industrial Technologies announced Sept. 5 that it has acquired two providers of bearings, power transmission and industrial motion products.
Financial terms of the transactions were not disclosed.
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“We welcome Bearing Distributors and Cangro to Applied’s U.S. Service Center network as we continue to bolster our local presence and provide our customers with leading technical support,” said Neil A. Schrimsher, President & CEO for Applied. “We have meaningfully enhanced our Service Center operations in recent years through strategic process improvements, systems investments, and talent additions. At the same time, the long-term demand outlook in our core Service Center network has never been stronger, reflecting emerging secular tailwinds around reshoring, customer capex investments, and technical supply chain requirements, as well as share gain opportunities tied to our service capabilities and cross-selling potential. Both Companies will immediately strengthen our position to fully leverage these tailwinds now and in the coming years.”
Bearing Distributors operates with a team of more than 95 associates from 12 locations. Cangro operates with a team of more than 20 associates from two locations. The two providers serve customers primarily across core U.S. Service Center industries, including food and beverage; pulp and paper; chemical; pharmaceutical; automotive; and other industrial markets. The companies are expected to generate annual sales of approximately $50 million in the first year, Applied said in a news release.
In January, Applied announced it would spend 2023 celebrating its centennial anniversary. For MDM’s 2023 Top Distributors Lists, the company ranks No. 12 on industrial distributors, No. 2 for power transmission/bearings, No. 1 for fluid power and No. 10 for fasteners.
Applied in April announced its acquisition of Rochester, New York-based Advanced Motion Systems Inc., which provides automation products, services and engineered solutions focused on machine vision, robotics and motion control products and technologies.
In June, Schrimsher and other Applied representatives rang The Closing Bell at the New York Stock Exchange. For the company’s fiscal 2023 — which ended June 30 — Applied had full-year sales of sales of $4.4 billion, net profit $347 million and EBITDA of $524.5 million.