Home Add to Favorite Contact Submit  
           28 March, 2024


    
Category:  Press » Science

 

Applied Industrial Technologies Completes Acquisition of Fluid Power Resource, LLC

Popularity:
         Views: 2297
2008-09-02 00:07:01     
Applied Industrial Technologies

Applied Industrial Technologies (NYSE: AIT) today announced it has successfully completed the previously announced acquisition of Fluid Power Resource, LLC (FPR) and the following seven fluid power distribution businesses: Bay Advanced Technologies, Carolina Fluid Components, DTS Fluid Power, FluidTech, Hughes HiTech, Hydro Air, and Power Systems.

The final all-cash purchase price of $166 million, reduced by $3 million from the previously announced amount, was funded with existing cash of $62 million and financing through established credit facilities of $104 million.

The addition of FPR increases Applied's capabilities in the areas of fluid power system integration; manifold design, machining, and assembly; and the integration of hydraulics with electronics for complete machine design. FPR will add 19 locations to Applied's fluid power business group, bringing the total to 67 dedicated fluid power sales and service facilities in the U.S., Canada and Mexico.

"We believe the addition of FPR substantially strengthens our fluid power capability and makes us one of the largest distributors of fluid power products in North America," said David L. Pugh, Chairman and Chief Executive Officer of Applied Industrial Technologies. "We expect the acquisition will be accretive this year and will generate approximately $230 million in sales on an annualized basis. As a result, we are increasing our sales and earnings guidance for fiscal 2009, and now expect earnings of $2.22 to $2.44 per share on sales of $2.32 to $2.43 billion."

Applied's previous guidance, as announced on August 8, 2008, was for earnings per share of $2.20 to $2.40 on sales of $2.13 to $2.24 billion.

With the FPR facilities added, Applied now has 478 facilities and 5,200 employee-associates across North America. Applied is an industrial distributor that offers more than 3 million parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. For its fiscal year ended June 30, 2008, Applied posted sales of $2.1 billion. Applied can be visited on the Internet at http://www.applied.com

This press release contains statements that are forward-looking, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Forward-looking statements are often identified by qualifiers such as "believe," "expect," "will," "guidance" and similar expressions. Applied intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectations regarding important risk factors including trends in the industrial sector of the economy, the possibility that the benefits anticipated from the transaction will not be fully realized, and other risk factors identified in Applied's most recent periodic report and other filings made with the Securities and Exchange Commission. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that the results expressed therein will be achieved. Applied assumes no obligation to update publicly or revise any forward-looking statements, whether due to new information, or events, or otherwise, except as required by law.

Specialized in: Bearing - Material Handling Equipment - Power Transmission - Industrial Material Handling Equipment - Applied Industrial Technologies - Bearing Distributor - Material Handling - Product - Lubrication Equipment - Industrial Bearing
URL: http://www.applied.com
Print press release      Bookmark this page
Related Press releases 
Pace Environmental Clinic Study: Coast Guard Blocked Public Access to Information in Hudson Anchorage Controversy (Popularity: ): Pleasantville, NY - December 09, 2016 -- Government Officials Join Clinic Students in Asking Commandant to Withdraw Shipping Industry ProposalCharging that the the shipping industry is benefiting from the Coast Guard’s circumvention of its own procedures, including two major river studies and extensive consultation with outside experts and the public, the students of the Environmental Policy Clinic of the Dyson College Department of Environmental Studies and Science at Pace University ...
The Andean Sky God Website Has Expanded to Include the Voynich Manuscript (Popularity: ): July 18, 2013 – FORT LAUDERDALE, Florida – The Andean Sky God Website, originally created as an archeology site to demonstrate a strong connection between the Tiwanaku Empire and the Nazca Lines, has expanded in recent years to cover other historical mysteries. The latest investigation of Morten St. George, the site's founder, is now online and it concerns the world's most mysterious manuscript, a medieval document written in undecipherable code, ...
GenScript launches a premier gene synthesis service “Gene-BrickTM” for building large DNA fragments (Popularity: ): PISCATAWAY, N. J., Jun 10, 2012 - GenScript USA Inc., an internationally recognized biology contract research organization (CRO) recently launched Gene-BrickTM, a premier gene synthesis service.The Gene-BrickTM premier gene synthesis service is specifically designed to meet demands of large DNA fragments which are used in synthetic biology research, such as the building of large genetic circuits and synthetic chromosomes.Gene-BrickTM services will synthesize ~10 Kb long DNA fragments as the fundamental ...
TopCoder Gets Kids Involved in CS-STEM Learning at Global Computing Event (Popularity: ): FORT LAUDERDALE, Fla., Sept. 30, 2011 -- TopCoder®, Inc., hosted a CS-STEM activities event for local middle school students at the 2011 TopCoder Open in Fort Lauderdale Florida this week. Youngsters interested in science with a computing theme were able to explore two new analytical and critical thinking platforms - NoNameSite.com, an innovative game site and community from DARPA for inspiring computer science, science, technology, engineering and math skill development ...
PREMIER Biosoft International Releases PrimerPlex 2.50 with Support for Designing Multiplex PCR assays. (Popularity: ): Palo Alto, California – January 19, 2010 - PREMIER Biosoft International today announced the worldwide release of PrimerPlex version 2.50. PrimerPlex will now enable users to design highly specific multiplex primers for standard PCR assays. The program also supports oligo design for suspension array based systems such as Luminex 100, Luminex 200 and Bio-Plex 200.PrimerPlex creates a pool of primers for each sequence under uniform reaction conditions, checks them for ...


Related Business 
Fluid Power Net International (Popularity: ): A worldwide Network of Fluid Power Laboratories. Publishes the International Journal of Fluid Power and maintains the WWW Virtual Library on Fluid Power. Software and education links and a list of publications.
Fluid Power Net (Popularity: ): Library provides, in a single location, access to different levels of information about fluid power (hydraulics and pneumatics) technologies.
Consolidated Fluid Power Institute (Popularity: ): Registered trade school teaching hydraulics, fluid power and pneumatics for industrial, mobile, marine and offshore industries. Information on instructors, location and courses.
Applied Tissue Technologies LLC (Popularity: ): Licenses advanced core technologies for wound healing and gene therapy. Based in Wellesley Hills, MA.
Fluid Power Net International (FPN) (Popularity: ): Provides information and links to fluid power (hydraulics & pneumatics).
Fluid Power Society (Popularity: ): Advancing the Careers of Fluid Power and Related Motion Control Professionals.
Thermal Fluid Technologies, Inc. (Popularity: ): Manufacturer of industrial coolants developed for a wide range of industrial and temperature sensitive applications.
Eaton Corp. (Popularity: ): Diversified industrial products manufacturer in the fluid power, industrial and commercial controls, automotive, and truck industries.
Power Systems, LLC (Popularity: ): Distributor of hydraulic fluid power equipment, such as pumps, valves, gear boxes, differentials, hydrostatic transmissions and motors. The Company's products are sold predominately to OEMs located in the Upper Midwest.
Industrial Distribution Magazine (Popularity: ): Links to articles and news items regarding machining equipment. Includes segments dealing with hand, power, and cutting tools; abrasives, adhesives, hoses, and fasteners; safety and fluid power items; and power transmission products.