Applied Industrial Technologies Acquires Ira Pump & Supply

CLEVELAND, Nov. 4, 2014 /PRNewswire/ -- Applied Industrial Technologies (NYSE: AIT) today announced it has acquired Ira Pump & Supply Co., Inc. ("Ira Pump"), a supplier to the upstream oil and gas industry in West Texas, including service to the Permian Basin. Terms of the sale were not disclosed; however, the transaction will increase Applied's current sales run rate by 2% and will be accretive in the current fiscal year.

Ira Pump is a family-owned and operated distributor of oilfield pumps and supplies including valves, pipe fittings, V-belts, hoses and related products. The company also has full-service downhole rod pump repair and assembly shops, and offers sales and repairs of tubing anchors, turbine flow meters, and on-site connection storage trailers. Ira Pump was founded in 1972 and has locations in Ira, Post and Forsan, Texas.

"We are pleased to further strengthen our O&G product and service offering with the addition of Ira Pump," said Neil A. Schrimsher, President & Chief Executive Officer for Applied. "The company has strong industry knowledge, experience and capabilities, and we are excited about the synergy opportunities across our O&G businesses."

Todd A. Barlett, Applied's Vice President – Acquisitions and Global Business Development, added, "Ira Pump has a strong reputation and is an excellent fit for Applied, complementing our existing West Texas coverage and providing an expanded customer base for our bearings, power transmission, fluid power and fluid conveyance products."

Applied's addition of Ira Pump follows acquisitions in the past year of industry suppliers Texas Oilpatch Services, Reliance Industrial Products and Knox Oil Field Supply.

About Applied
With more than 560 facilities and 5,800 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 "will" and derivative or 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

Related Links

http://www.applied.com