Applied Industrial Technologies – AIT – Acquires HyQuip, Inc.

Applied Industrial Technologies (NYSE: AIT) announced the acquisition of HyQuip, Inc., a distributor of hydraulic, rubber and plastic industrial hose and tubing, plus related accessories.  Terms of the sale were not disclosed.

Founded in 1989, HyQuip operates two locations in Waukesha and Butler, Wisconsin, with an employee team of 19.  In addition to the products named above, the company produces hose assemblies and custom kits for fluid conveyance applications, and also provides inventory management, stocking programs and other value-added services.  The company will operate as a subsidiary of Applied^® under the name HyQuip, LLC and will report into Applied’s fluid power business unit led by Warren E. (Bud) Hoffner, Vice President, General Manager – Fluid Power.

“The acquisition of HyQuip is consistent with our strategy to build upon and strengthen our fluid power market leadership.  We are excited about the growth opportunities and operational synergies we can realize together with HyQuip,” said Neil A. Schrimsher, Chief Executive Officer for Applied.

“HyQuip is a strong, established company with a successful track record of focused hose and fittings expertise, and we’re pleased to have them join Applied,” said Todd A. Barlett, Vice President – Acquisitions and Global Business Development for Applied.  “The addition of HyQuip strengthens our fluid power presence in key markets and further enhances our position as a fluid power industry leader.”

With approximately 500 facilities and 4,900 employee associates, Applied Industrial Technologies is a leading industrial distributor that offers more than four million parts to serve the needs of MRO and OEM customers in virtually every industry.  In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services.  Applied also offers maintenance training and inventory management solutions that provide added value to its customers.

About Applied Industrial Technologies – AIT

Applied Industrial Technologies, Inc. (AIT) is an industrial distributor in North America, supplying customers in a range of industries with products, including bearings, power transmission components, fluid power components and systems, industrial rubber products, linear motion components, tools, safety products, and general maintenance and mill supply products. AIT also provides customized fluid power, mechanical, and rubber shop services, as well as storeroom management services and maintenance training. In February 2012, AIT acquired the businesses of Solutions Industrielles Chicoutimi and Specialites Industrielles Harvey. In August 2012, it acquired SKF Group’s company-owned distribution business in Australia and New Zealand.

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.