CLEVELAND, Jan. 25, 2012 /PRNewswire/ -- Applied Industrial Technologies (NYSE: AIT) Chief Executive Officer Neil A. Schrimsher today announced that the Company's Board of Directors raised the Company's quarterly cash dividend by $0.02 declaring a quarterly dividend of $0.21 per common share, payable on February 29, 2012, to shareholders of record on February 15, 2012. This cash dividend represents an 11 percent increase over the previous regular quarterly dividend of $0.19 per share.
"We are committed to generating increased shareholder value, including paying an attractive dividend. This increase is our third in the past 18 months and is based on strong cash generation and our ongoing positive business prospects."
With approximately 480 facilities and 4,700 employee associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 4 million parts critical to the operations 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, plus solutions to meet inventory and storeroom management needs that help provide enhanced value to its customers. For its fiscal year ended June 30, 2011, Applied posted sales of $2.2 billion. Applied can be visited on the Internet at http://www.applied.com.
SOURCE Applied Industrial Technologies