Applied Industrial Technologies Acquires Texas Oilpatch Services Corporation
CLEVELAND, Jan. 2, 2014 /PRNewswire/ -- Applied Industrial Technologies (NYSE: AIT) today announced it has acquired Texas Oilpatch Services Corporation (TOPS) of Houston, Texas. TOPS is a distributor of bearings, oil seals, power transmission products, and related replacement parts to the oilfield industry. While the terms of the sale were not disclosed, the transaction will be accretive in the current fiscal year.
"The addition of TOPS enhances our capabilities to serve the oil & gas market by providing added O&G industry expertise and experience," said Neil A. Schrimsher, President & Chief Executive Officer for Applied®. "Overall, TOPS is an excellent complement to Applied, offering additional opportunities for energy market growth."
Todd A. Barlett, Applied's Vice President – Acquisitions and Global Business Development, added, "We are very pleased to add TOPS and its knowledgeable team of associates to our Company. We believe they are an ideal fit with our business strategy and growth plans."
With more than 500 facilities and 5,000 employee associates, Applied Industrial Technologies is a leading industrial distributor that offers more than five 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