August 04, 2015
Applied Industrial Technologies Inc. Manufacturing
By CRAIN’S CLEVELAND BUSINESS
Applied Industrial Technologies (NYSE:AIT) of Cleveland is bulking up its distribution capabilities with the acquisition of Atlantic Fasteners, a Massachusetts-based distributor of industrial fasteners and related industrial supplies.Terms of the deal were not disclosed.
Neil A. Schrimsher, president and CEO of Applied Industrial, said in a news release that Atlantic Fasteners “provides the market presence, products and capabilities to further enhance our Applied Maintenance Supplies & Solutions offering to a broad array of industrial customers.” He said the company is “an ideal fit with our business strategy and growth plans.”
Agawam, Mass.-based Atlantic Fasteners was founded in 1981 and has 48 employees. In addition to distributing industrial fasteners, it specializes in vendor-managed inventory systems.
Applied Industrial, founded in 1923, distributes more than five million parts to serve the needs of MRO and OEM customers in virtually every industry. It also provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services.
via Applied Industrial Technologies acquires Massachusetts company – Crain’s Cleveland Business.