8/4/2015 10:00:00 AM
NEWS BRIEFS
Applied Industrial Technologies
Cleveland-based Applied Industrial Technologies operates more than 570 facilities, including nine distribution centers, in the U.S., Puerto Rico, Canada, Mexico, Australia and New Zealand.
Applied Industrial offers more than 5 million SKUs and provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop service.
The company employs 5,900 workers and reported 2014 revenue of $2.46 billion.
Applied Industrial Technologies acquired the 100% employee-owned, Massachusetts-based commercial and aerospace hardware distributor Atlantic Fasteners.
Atlantic Fasteners was founded in 1981 by Patrick O’Toole and Carol Peters. In 2005 they sold the company to employees.
“Atlantic Fasteners provide the market presence, products ad capabilities to further enhance our Applied Maintenance Supplies & Solutions offering to a broad array of industrial customers,” Applied CEO Neil Scheimaher said. “They are an ideal fit with our business strategy and growth plans.”
Terms of the sale were not announced. In 2005 the Springfield Republican newspaper reported the employee acquisition was valued between $5 million and $10 million with half the fund from a bank loan and half from a 12-year loan from the owners.
Applied Industrial (NYSE: AIT) is an industrial distributor of five million parts to MRO and OEM customers. Applied also provides engineering, design and systems integration for industrial and fluid power applications and customized mechanical, fabricated rubber and fluid power shop services; maintenance training and inventory management. Web: applied.com
Applied was founded in 1923 by Joseph Burning as the Ohio Ball Bearing Company. First year sales totaled $82,000. In 1953 the name was changed to Bearings Inc. and shares were sold on the American Stock Exchange. In 1965 shares began being sold on New York Stock Exchange.
In 1995 sales topped a billion dollars and in 1997 the company name became Applied Industrial Technologies. Over the decades Applied has made dozens of acquisitions. By 2007 sales topped $2 billion.
Today Applied has 570 facilities in the U.S., Puerto Rico, Mexico, Canada, Australia and New Zealand and is headquartered at 1 Applied Plaza, Cleveland, OH 44115. Tel: 216 426-4000 Web: applied.com
Atlantic Fasteners is an ISO 9001:2008 and AS9120 certified distributor that stocks 15,080 varieties of inch and metric fasteners. Earlier this year, Atlantic Fasteners completed moving from West Springfield, MA, to a 44,500 sq ft facility in neighboring Agawam, consolidating all employees under one roof at 92 H.P. Almgren Dr., Agawan, MA 01001. Tel: 800 800-2658 Web: atlanticfasteners.com
For more on Atlantic Fasteners check the Fastener History section of GlobalFastenerNews.com:
2011 FIN – O’Toole: Bar Coding Key to 30 Years of Atlantic Fasteners Growth
“Bar coding put our error rate near zero. The key to this business became the computer. It gave us a strong advantage.”
2005 FIN – O’Toole Sells Atlantic to Employees
Founded in 1981 by O’Toole and Peters.
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