CLEVELAND, Nov. 4, 2014 /PRNewswire/ -- Applied
Industrial Technologies (NYSE: AIT) today announced it has acquired
Ira Pump & Supply Co., Inc.
("Ira Pump"), a supplier to the
upstream oil and gas industry in West
Texas, including service to the Permian Basin. Terms of the
sale were not disclosed; however, the transaction will increase
Applied's current sales run rate by 2% and will be accretive in the
current fiscal year.
Ira Pump is a family-owned and
operated distributor of oilfield pumps and supplies including
valves, pipe fittings, V-belts, hoses and related products. The
company also has full-service downhole rod pump repair and assembly
shops, and offers sales and repairs of tubing anchors, turbine flow
meters, and on-site connection storage trailers. Ira Pump was founded in 1972 and has locations
in Ira, Post and Forsan,
Texas.
"We are pleased to further strengthen our O&G product and
service offering with the addition of Ira
Pump," said Neil A.
Schrimsher, President & Chief Executive Officer for
Applied. "The company has strong industry knowledge, experience and
capabilities, and we are excited about the synergy opportunities
across our O&G businesses."
Todd A. Barlett, Applied's Vice
President – Acquisitions and Global Business Development, added,
"Ira Pump has a strong reputation
and is an excellent fit for Applied, complementing our existing
West Texas coverage and providing
an expanded customer base for our bearings, power transmission,
fluid power and fluid conveyance products."
Applied's addition of Ira Pump
follows acquisitions in the past year of industry suppliers Texas
Oilpatch Services, Reliance Industrial Products and Knox Oil Field
Supply.
About Applied
With more than 560 facilities and 5,800 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 "will" and derivative or 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