CLEVELAND, Nov. 1, 2012 /PRNewswire/ -- Applied Industrial Technologies (NYSE: AIT) today announced the acquisition of HyQuip, Inc., a distributor of hydraulic, rubber and plastic industrial hose and tubing, plus related accessories. Terms of the sale were not disclosed.
Founded in 1989, HyQuip operates two locations in Waukesha and Butler, Wisconsin, with an employee team of 19. In addition to the products named above, the company produces hose assemblies and custom kits for fluid conveyance applications, and also provides inventory management, stocking programs and other value-added services. The company will operate as a subsidiary of Applied ® under the name HyQuip, LLC and will report into Applied's fluid power business unit led by Warren E. (Bud) Hoffner, Vice President, General Manager – Fluid Power.
"The acquisition of HyQuip is consistent with our strategy to build upon and strengthen our fluid power market leadership. We are excited about the growth opportunities and operational synergies we can realize together with HyQuip," said Neil A. Schrimsher, Chief Executive Officer for Applied.
"HyQuip is a strong, established company with a successful track record of focused hose and fittings expertise, and we're pleased to have them join Applied," said Todd A. Barlett, Vice President – Acquisitions and Global Business Development for Applied. "The addition of HyQuip strengthens our fluid power presence in key markets and further enhances our position as a fluid power industry leader."With approximately 500 facilities and 4,900 employee associates, Applied Industrial Technologies is a leading industrial distributor that offers more than four 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. SOURCE Applied Industrial Technologies
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts