AIT completes SKF Distribution acquisition
Applied Industrial Technologies has finalized the acquisition of SKF Group's company-owned distribution business in Australia and New Zealand.
The SKF Distribution acquisition expands Applied's global capabilities, adding 29 service centers in Australia and eight in New Zealand, supported by a central warehouse in each country and a headquarters in Melbourne. As one of the largest bearing suppliers in these markets, SKF Distribution also supplies seals, lubrication products, and power transmission products. The businesses employ more than 200 people and have an annual sales run rate of approximately US$83 million.
"Australia and New Zealand are attractive markets with growing economies. Considering the products offered, the vertical markets served, the operational capabilities, and the shared commitment to providing value-added solutions to our customers, the SKF businesses are an excellent fit," said Neil A. Schrimsher, Applied's chief executive officer.
Todd A. Barlett, vice president - Acquisitions and Global Business Development, said, "The SKF businesses offer us a new foundation for growth. The 37 locations provide broad geographic coverage with strong positions in mining, steel, pulp and paper, forestry, agriculture, construction, food and beverage, and other vertical markets. The businesses have significant preferred supplier arrangements with major customers and enjoy a solid reputation as a solutions provider."
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
