Applied completes FCX Performance acquisition
Applied Industrial Technologies announced it has completed the previously announced acquisition of FCX Performance Inc., a distributor of specialty process flow control products and services.
Based in Columbus, Ohio, FCX operates 68 locations with more than 1,000 team members. The total purchase price of the acquisition after contractual working capital adjustments was approximately $784 million.
The acquisition is anticipated to contribute approximately $557 million in sales and $68 million in EBITDA in the first 12 months of Applied’s ownership, prior to recognition of one-time transaction-related charges.
“We are pleased to complete this transaction and welcome FCX to the Applied organization. Our combined product offering and value-added capabilities further enhance our differentiation, and provide significant opportunities for growth. We look forward to working with the FCX team and building on our strengths to serve our customers and create value for all of our stakeholders,” said Neil A. Schrimsher, Applied president and chief executive officer.
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
