Applied Industrial Technologies makes acquisition
Applied Industrial Technologies announced a definitive agreement to acquire SKF's company-owned distribution businesses in Australia and New Zealand.
The acquisition is expected to be completed by July 1, 2012.
SKF Distribution supplies bearings, seals, lubrication products, and power transmission products through 29 Australian service centers and eight New Zealand locations, all wholly owned. The service centers are supported by central warehouses in Australia and New Zealand and a headquarters in Melbourne. SKF Distribution employs 225 people and had 2011 pro forma sales of approximately US$82 million (AUD$79 million).
"We are excited to expand our global capabilities and global reach. Australia and New Zealand are attractive markets offering growing economies, targeted vertical markets and many common global customers," said Neil A. Schrimsher, Applied's chief executive officer.
"SKF Distribution provides broad geographic coverage of Australia and New Zealand with strong positions in mining, steel, pulp and paper, forestry, agriculture, building construction, and food and beverage industries," said Todd A. Barlett, vice president - Acquisitions and Global Business Development. "The business has significant preferred supplier arrangements with major customers and enjoys a solid reputation as a solutions provider. SKF is one of the largest bearing suppliers in the Australia and New Zealand markets, providing an excellent foundation for growth."
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.
