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Applied Industrial Technologies Inc (NYSE:AIT) has acquired Bearing Distributors, Inc. and Cangro Industries, Inc. for an undisclosed sum.
Both the firms provide 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.
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.
Both the companies are expected to report annual sales of approximately $50 million in the first year.
“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,” said President and CEO Neil A. Schrimsher.
Applied Industrial held $344 million in cash and equivalents as of June 30, 2023.
Price Action: AIT shares are trading lower by 1.25% at $155.12 on the last check Tuesday.
Posted In: AIT
