Applied Industrial Technologies Acquires Bearing Distributors and Cangro Industries
05 Setembro 2023 - 9:00AM
Business Wire
Strategic Investment Within Applied’s Core
Service Center Network
Applied Industrial Technologies (NYSE: AIT) today announced the
acquisition of both Bearing Distributors, Inc. (Bearing
Distributors) and Cangro Industries, Inc. (Cangro), providers of
bearings, power transmission, industrial motion, and related
service and repair capabilities. Bearing Distributors is based in
Columbia, South Carolina, while Cangro is based in Long Island, New
York. Terms of the transactions were not disclosed.
Neil A. Schrimsher, President & Chief Executive Officer for
Applied, commented, “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. 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.”
Mr. Schrimsher added, “With locations across the U.S. Southeast
and Upper Northeast, the acquisitions will enhance our footprint
and strategic growth initiatives within these important regions.
This includes strengthening relationships with leading suppliers
and increasing Applied’s local customer access, as well as
accelerating our strategic penetration in key emerging market
verticals. Under Applied, both organizations will benefit from
expanded product lines, and access to our leading engineered
solutions across our Fluid Power, Flow Control, and Automation
operations. Further, our approach will include a focus on
operational excellence to maximize performance and strategic
alignment. We look forward to seeing their capabilities augment our
collective efforts and value proposition moving forward.”
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 Companies serve
customers primarily across core U.S. Service Center industries
including food and beverage, pulp and paper, chemical,
pharmaceutical, automotive, and other industrial markets. Combined,
the Companies are expected to generate annual sales of
approximately $50 million in the first year.
About Applied® Applied Industrial Technologies is a
leading value-added distributor and technical solutions provider of
industrial motion, fluid power, flow control, automation
technologies, and related maintenance supplies. Our leading brands,
specialized services, and comprehensive knowledge serve MRO and OEM
end users in virtually all industrial markets through our
multi-channel capabilities that provide choice, convenience, and
expertise. For more information, visit www.applied.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230905200324/en/
Ryan D. Cieslak Director – Investor Relations & Treasury
216-426-4887 / rcieslak@applied.com
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