CLEVELAND, May 27, 2014 /PRNewswire/ -- Applied Industrial Technologies (NYSE: AIT) today announced it has reached a definitive agreement to acquire Knox Oil Field Supply (Knox) of San Angelo, Texas, a leading supplier to the upstream oil and gas industry. The acquisition is expected to be completed around July 1, 2014, upon expiration of the Hart-Scott-Rodino waiting period and satisfaction of certain other customary conditions.
Knox Oil Field Supply is a family owned and operated distributor of oilfield supplies and related services established in 1978. Products include downhole pumps, rods, valves and fittings, and general supplies. Services include pump diagnostics and repair, as well as valve repair. Knox operates from 15 locations in Texas and one in New Mexico. The business employs 140 people and has annual sales in excess of $100 million.
"We are excited to announce the pending acquisition of Knox," said Neil A. Schrimsher, President & Chief Executive Officer for Applied. "Their strong oil and gas industry knowledge, experience and market presence will enhance our product and service offering in this growing energy sector. Combined with our recent acquisitions of Reliance Industrial Products and Texas Oilpatch Services (TOPS), the addition of Knox will further bolster our position within the area of Oilfield Supplies and build on our upstream oil and gas capabilities."
Todd A. Barlett, Applied's Vice President – Acquisitions and Global Business Development, added, "We look forward to completing the acquisition of Knox, working with their high-quality team, and expanding our oil and gas business opportunities. We view Knox as an ideal strategic fit with our growth and expansion 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.
This press release contains statements that are forward-looking, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Applied intends that such forward-looking statements be subject to the safe harbors created thereby. Forward-looking statements are often identified by qualifiers such as "expect," "will," and similar expressions. All forward-looking statements are based on current expectations regarding important risk factors including trends in the oil and gas sector of the economy, and other risk factors identified in Applied's most recent periodic report and other filings made with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by Applied or any other person that the results expressed therein will be achieved. Applied assumes no obligation to update publicly or revise any forward-looking statements, whether due to new information, or events, or otherwise.
SOURCE Applied Industrial Technologies