Applied Industrial Technologies Acquires Fluid Power Sales
Applied Industrial Technologies, Inc. (AIT)
Last applied industrial technologies, inc. earnings: 4/30 06:30 am
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Source: GlobeNewswire
Strengthens Fluid Power Market Leadership Capabilities CLEVELAND, Ohio, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Applied Industrial Technologies (NYSE: AIT) today announced it has acquired Fluid Power Sales (“FPS”), a manufacturer and distributor of fluid power components, specializing in the engineering and fabrication of manifolds and power units. Terms of the purchase were not disclosed. “The addition of FPS provides a strong strategic fit that further enhances our Fluid Power market leadership,” said Neil A. Schrimsher, President & Chief Executive Officer for Applied. “Their innovative products, custom solutions and deep hydraulic knowledge strengthen our technical and differentiated product portfolio for continued growth.” Established in 1968, FPS and its team of 50 employees support OEM and industrial customers in the Northeast and Eastern Canada from a single location in Baldwinsville, NY. The company’s product portfolio includes accumulators, cylinders, hydraulic motors & pumps
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