Applied Industrial Technologies acquires HyQuip
Applied Industrial Technologies announced the acquisition of HyQuip Inc., a distributor of hydraulic, rubber and plastic industrial hose and tubing, plus related accessories.
Terms of the sale were not disclosed.
Founded in 1989, HyQuip operates two locations in Waukesha and Butler, Wis., and has 19 employees. The company also produces hose assemblies and custom kits for fluid conveyance applications, and provides inventory management, stocking programs and other value-added services. The company will operate as a subsidiary of Applied under the name HyQuip LLC and will report into Applied's fluid power business unit led by Warren E. (Bud) Hoffner, vice president and general manager of Fluid Power.
"The acquisition of HyQuip is consistent with our strategy to build upon and strengthen our fluid power market leadership. We are excited about the growth opportunities and operational synergies we can realize together with HyQuip," said Neil A. Schrimsher, chief executive officer for Applied.
"HyQuip is a strong, established company with a successful track record of focused hose and fittings expertise, and we're pleased to have them join Applied," said Todd A. Barlett, vice president of Acquisitions and Global Business Development for Applied. "The addition of HyQuip strengthens our fluid power presence in key markets and further enhances our position as a fluid power industry leader."
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.
