Applied Industrial Technologies (AIT) to Acquire Assets of Fluid Power Resource for $169M
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Applied Industrial Technologies (NYSE: AIT) today announced it has agreed to acquire the assets of Fluid Power Resource, LLC and the following seven fluid power distribution businesses for $169 million in cash: Bay Advanced Technologies, Carolina Fluid Components, DTS Fluid Power, FluidTech, Hughes HiTech, Hydro Air, and Power Systems.
These businesses employ 455 people and generated 2007 annual sales of $244 million.
The purchases will be funded with a combination of existing cash and financing through established credit facilities. The transaction is expected to close upon the approval of the parties' Hart-Scott-Rodino filings and certain other conditions. Each of the businesses will operate as a subsidiary of Applied and will maintain their current local identities.
Applied Industrial Technologies, Inc. distributes various industrial products in North America.
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