Applied Industrial Technologies Acquires Two Quebec Distributors
Solutions Industrielles Chicoutimi - Chicoutimi, Quebec
Specialites Industrielles Harvey - Quebec City, Quebec
CLEVELAND, Feb. 1, 2012 - Applied Industrial Technologies (NYSE: AIT) today announced it has acquired the businesses of Solutions Industrielles Chicoutimi and Specialites Industrielles Harvey. Terms of the sale were not disclosed.
Solutions Industrielles Chicoutimi provides bearings, power transmission products and repair services through one location in Chicoutimi, Quebec. The company serves a broad base of customers, including saw mills, food, cement, agriculture, OEMs and machine shops.
Specialites Industrielles Harvey distributes bearings and power transmission products, plus hydraulic, pneumatic and electrical components from two locations serving the Quebec City and Beauce markets. Customers include industrial, OEM, commercial, construction, food and government businesses.
The current management team at both businesses will continue to serve with the Applied organization, reporting to Mike Allen, Vice President for the Eastern Canadian operations of Applied. Both businesses will continue to run under their current operating names.
"We're very pleased to welcome both of these businesses to Applied and extend our reach into key industrial markets in Quebec," said Todd A. Barlett, Applied's Vice President - Acquisitions and Global Business Development. "Customers will benefit from increased depth of service and expanded product availability while continuing to work with familiar sales associates and a respected local management team."
Neil A. Schrimsher, Applied's Chief Executive Officer, said, "The addition of Solutions Industrielles Chicoutimi and Specialites Industrielles Harvey provide the right fit with our continuing strategy to expand in Eastern Canada. We are excited about the growth opportunities and success we can realize together."
With approximately 480 facilities and 4,700 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, 2011, Applied posted sales of $2.2 billion. Applied can be visited on the Internet at www.applied.com.
