CLEVELAND, Jan. 2, 2014 /PRNewswire/ -- Applied Industrial
Technologies (NYSE: AIT) today announced it has acquired Texas
Oilpatch Services Corporation (TOPS) of Houston, Texas. TOPS is a distributor of
bearings, oil seals, power transmission products, and related
replacement parts to the oilfield industry. While the terms of the
sale were not disclosed, the transaction will be accretive in the
current fiscal year.
"The addition of TOPS enhances our capabilities to serve the oil
& gas market by providing added O&G industry expertise and
experience," said Neil A.
Schrimsher, President & Chief Executive Officer for
Applied®. "Overall, TOPS is an excellent complement to
Applied, offering additional opportunities for energy market
growth."
Todd A. Barlett, Applied's Vice
President – Acquisitions and Global Business Development, added,
"We are very pleased to add TOPS and its knowledgeable team of
associates to our Company. We believe they are an ideal fit with
our business strategy and growth plans."
With more than 500 facilities and 5,000 employee associates,
Applied Industrial Technologies is a leading industrial distributor
that offers more than five million parts to serve the needs 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 and inventory management solutions that
provide added value to its customers. Applied can be visited on the
Internet at www.Applied.com.
SOURCE Applied Industrial Technologies