Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, has acquired Bearing Distributors and Cangro Industries, providers of bearings, power transmission, industrial motion, and related service and repair capabilities. Bearing Distributors is based in Columbia, S.C., while Cangro is based in Long Island, N.Y.
Terms of the transactions were not disclosed.
“We welcome Bearing Distributors and Cangro to Applied’s U.S. Service Center network as we continue to bolster our local presence and provide our customers with leading technical support,” said Neil A. Schrimsher, Applied CEO. “We have meaningfully enhanced our Service Center operations in recent years through strategic process improvements, systems investments and talent additions. At the same time, the long-term demand outlook in our core Service Center network has never been stronger, reflecting emerging secular tailwinds around reshoring, customer capex investments and technical supply chain requirements, as well as share gain opportunities tied to our service capabilities and cross-selling potential. Both companies will immediately strengthen our position to fully leverage these tailwinds now and in the coming years.”
With locations across the U.S. Southeast and Upper Northeast, the acquisitions will enhance Applied’s footprint and strategic growth initiatives within these regions.
Bearing Distributors operates with more than 95 associates from 12 locations. Cangro operates with more than 20 associates from two locations. The companies serve customers primarily across core U.S. Service Center industries including food and beverage, pulp and paper, chemical, pharmaceutical, automotive and other industrial markets. Combined, the companies are expected to generate annual sales of $50 million in the first year.
Applied has more than 560 locations across North America, Australia, New Zealand and Singapore.