Applied Industrial Technologies – AIT – Acquisition of Parts Associates
NYSE: AIT) announced it has acquired Parts Associates, Inc. (PAI) of Cleveland, Ohio. PAI is a distributor of maintenance supplies and solutions, including fasteners, fluid flow, paints, chemicals, electrical, shop supplies, and related assortments. Terms of the sale were not disclosed.
“PAI is a solid company with strong brands and a high level of expertise,” said Neil A. Schrimsher, Chief Executive Officer for Applied®. “Strategically, the company is an excellent fit for our business going forward as we strengthen our maintenance supplies and solutions offering for sustained growth.”
Founded in 1948, PAI serves a broad range of maintenance, repair and operations customers, including the fleet, rental, manufacturing, agriculture and food industries. The company operates from two locations – Cleveland and Atlanta – and its staff includes approximately 200 field sales, operations and administrative associates.
Todd A. Barlett, Applied’s Vice President – Acquisitions and Global Business Development, added, “We are excited about the addition of PAI and to be building upon our maintenance supplies offering – providing enhanced value-add for all of our customers.”
With more than 500 facilities and 5,000 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, the Company 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. In November 2012, AIT acquired HyQuip Inc.
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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.
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