Applied Industrial Technologies Ltd. Acquires Chaines-Plus
CLEVELAND, Aug. 4, 2011 - Applied Industrial Technologies Ltd., the Canadian subsidiary of Applied Industrial Technologies, Inc. (NYSE: AIT), today announced it has acquired the business of Chaines-Plus. Terms of the sale were not disclosed.
Chaines-Plus operates one location on the South Shore of Montreal and serves a broad base of industrial customers in the Montreal market with bearings, power transmission, and related products.
The current management team, headed by Alain Boudreau, will continue to serve with the Applied organization, reporting to Mike Allen, Vice President for the Eastern Canadian operations of Applied.
"We're very pleased to enter the Montreal market with the established expertise and reputation of Chaines-Plus," said Todd A. Barlett, Vice President - Acquisitions and Global Business Development for Applied. "This acquisition further expands Applied's geographic footprint and creates additional opportunities to access a major economic sector of Eastern Canada."
"We are happy to be joining a company that will help broaden our product lines and source of supply," said Mr. Boudreau. "Applied will give us greater depth and will strengthen our ability to serve our customers."
With approximately 470 facilities and 4,600 employee associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 4 million parts critical to the operations 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, plus solutions to meet inventory and storeroom management needs that help provide enhanced value to its customers. For its fiscal year ended June 30, 2010, Applied posted sales of $1.89 billion. Applied can be visited on the Internet at www.applied.com.
SOURCE Applied Industrial Technologies Ltd.
CONTACT: Julie Kho, Applied Industrial Technologies, +1-216-426-4483, jkho@applied.com
Web Site: www.applied.com
