Applied Industrial Technologies to Acquire Olympus Controls Corp.
August 14 2019 - 6:15AM
Business Wire
Expands Capabilities to include Automation
Solutions
Applied Industrial Technologies (NYSE: AIT) today announced it
has signed a definitive agreement to acquire Olympus Controls Corp.
(“Olympus”), an automation solutions provider – including design,
assembly, integration, and distribution – of motion control,
machine vision, and robotic technologies. The transaction is
expected to close before the end of August 2019.
“Olympus brings to Applied a full range of value-added
automation expertise, with leading technology solutions, an
established geographic footprint, and strong supplier
partnerships,” said Neil A. Schrimsher, President & Chief
Executive Officer for Applied. “Their addition is a strong
complement to our business, further broadening our capabilities,
customer opportunities and technical presence across varied
industrial segments.”
Founded in 1998, Olympus and its team of 80+ employees serve
customers throughout the Pacific Northwest, West Coast and Lower
Central States from five locations in Tualatin, OR; Kent, WA;
Fremont, CA; San Diego, CA; and Lake Dallas, TX. From components
and assemblies to machine automation systems, Olympus is a
full-service provider of innovative technologies and complete
engineered solutions for OEMs, machine builders, integrators, and
end users. The business will continue to operate under the Olympus
Controls name.
Mr. Schrimsher added, “We look forward to welcoming Olympus into
our company and leveraging our expanding, differentiated
capabilities and comprehensive solutions for enhanced customer and
shareholder value.”
About Applied® Founded in 1923, Applied Industrial
Technologies is a leading distributor of bearings, power
transmission products, engineered fluid power components and
systems, specialty flow control solutions, and other industrial
supplies, serving 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, fluid power, and
flow control shop services. Applied also offers storeroom services
and inventory management solutions that provide added value to its
customers. For more information, visit www.applied.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190814005137/en/
Julie A. Kho Manager, Corporate Communications & Media
Relations 216-426-4483 / jkho@applied.com
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