Applied Industrial Technologies, Inc. acquired Bearing Distributors, Inc. for $18 million.
September 04, 2023
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Applied Industrial Technologies, Inc. (NYSE:AIT) acquired Bearing Distributors, Inc. for $18 million on September 1, 2023.
Applied Industrial Technologies, Inc. (NYSE:AIT) completed the acquisition of Bearing Distributors, Inc. on September 1, 2023. The purchase price for the acquisition was $18 million which includes $1.8 million of acquisition holdback payments, which will paid on the first and second anniversaries of the acquisition date with interest at a fixed rate of 3.0 % per annum. The Company funded this acquisition using available cash.
Applied Industrial Technologies, Inc. is a value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. The Companyâs segments include Service Center Based Distribution and Engineered Solutions. The Service Center Based Distribution segment operates through local service centers and distribution centers with a focus on providing products and services addressing the maintenance and repair of motion control infrastructure and production equipment. Its products include industrial bearings, motors, belting, drives, couplings, pumps, linear motion products, hydraulic and pneumatic components, filtration supplies, and hoses. The Engineered Solutions segment includes its operations that specialize in distributing, engineering, designing, integrating, and repairing hydraulic and pneumatic fluid power technologies, and engineered flow control products and services.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. 
