Applied Industrial Technologies completes three acquisitions
Applied Industrial Technologies announced the acquisitions of a distributor in Mexico and Australia. The company also completed its previously announced purchase of a distributor based in San Angelo, Texas.
Applied has acquired Rodamientos y Derivados del Norte S.A. de C.V. of Monclova, Coahuila, Mexico, and Great Southern Bearings and Northam Bearings of Western Australia.
RODENSA distributes bearings, power transmission products, and related parts and accessories from 10 locations in Mexico with an employee base of 95. The company serves a broad customer base in the agriculture, industrial and automotive sectors. GSB/Northam provides bearing and power transmission products from two locations and serves agriculture and timber industry markets, as well as general industrial customers. Combined, RODENSA and GSB/Northam have approximately $20 million in sales and will generate about one cent earnings per share accretion.
Applied also completed the previously announced acquisition of Knox Oil Field Supply, a distributor of oilfield supplies and related services with 15 locations in Texas and one in New Mexico. Based in San Angelo, Texas, the business employs 140 people and has annual sales of more than $100 million.
"We are excited to conclude the Knox acquisition and expand our oil and gas market presence," said Neil A. Schrimsher, president and chief executive officer for Applied. "Together with our recent Reliance Industrial Products and Texas Oilpatch Services (TOPS) acquisitions, Knox significantly enhances our capabilities to serve upstream oil and gas customers."
He added that the RODENSA and GSB/Northam businesses are "an excellent fit for Applied. They extend our global reach, further enhance our bearing and power transmission product offering, and provide new opportunities in Mexico and Western Australia."
Todd A. Barlett, Applied's Vice President – Acquisitions and Global Business Development, added, "We are pleased to welcome Knox to Applied, and we are excited about further building our business in Mexico and Australia. RODENSA has a strong reputation and brings us access to new industries in Mexico. GSB/Northam diversifies our customer base and provides access to two new markets in Western Australia."
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
