Applied Industrial (AIT) Acquires Hose, Tubing Distributor HyQuip
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Price: $343.45 +1.20%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.6%
Revenue Growth %: +7.5%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.6%
Revenue Growth %: +7.5%
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Applied Industrial Technologies, Inc. (NYSE: AIT) 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.
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.
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