CLEVELAND, May 27, 2014 /PRNewswire/ -- Applied
Industrial Technologies (NYSE: AIT) today announced it has reached
a definitive agreement to acquire Knox Oil Field Supply
(Knox) of San Angelo, Texas, a leading supplier to the
upstream oil and gas industry. The acquisition is expected to be
completed around July 1, 2014, upon
expiration of the Hart-Scott-Rodino waiting period and satisfaction
of certain other customary conditions.
Knox Oil Field Supply is a family owned and operated distributor
of oilfield supplies and related services established in 1978.
Products include downhole pumps, rods, valves and fittings, and
general supplies. Services include pump diagnostics and repair, as
well as valve repair. Knox
operates from 15 locations in Texas and one in New
Mexico. The business employs 140 people and has annual sales
in excess of $100 million.
"We are excited to announce the pending acquisition of
Knox," said Neil A. Schrimsher, President & Chief
Executive Officer for Applied. "Their strong oil and gas industry
knowledge, experience and market presence will enhance our product
and service offering in this growing energy sector. Combined with
our recent acquisitions of Reliance Industrial Products and Texas
Oilpatch Services (TOPS), the addition of Knox will further bolster our position within
the area of Oilfield Supplies and build on our upstream oil and gas
capabilities."
Todd A. Barlett, Applied's Vice
President – Acquisitions and Global Business Development, added,
"We look forward to completing the acquisition of Knox, working with their high-quality team,
and expanding our oil and gas business opportunities. We view
Knox as an ideal strategic fit
with our growth and expansion 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.
This press release contains statements that are forward-looking,
as that term is defined by the Securities and Exchange Commission
in its rules, regulations and releases. Applied intends that such
forward-looking statements be subject to the safe harbors created
thereby. Forward-looking statements are often identified by
qualifiers such as "expect," "will," and similar expressions. All
forward-looking statements are based on current expectations
regarding important risk factors including trends in the oil and
gas sector of the economy, and other risk factors identified in
Applied's most recent periodic report and other filings made with
the Securities and Exchange Commission. Accordingly, actual results
may differ materially from those expressed in the forward-looking
statements, and the making of such statements should not be
regarded as a representation by Applied or any other person that
the results expressed therein will be achieved. Applied assumes no
obligation to update publicly or revise any forward-looking
statements, whether due to new information, or events, or
otherwise.
SOURCE Applied Industrial Technologies