Applied Industrial Technologies

Applied Industrial Technologies, Inc.
Public company
Traded as NYSE: AIT
S&P 600 Component
Founded 1923 (1923)
Founder Joseph M. Bruening
Headquarters Cleveland, Ohio, United States
Number of locations
 More than 500 facilities
Area served
 United States, Puerto Rico, Canada, Mexico, Australia and New Zealand
Key people
 Neil Schrimsher, President and CEO
Products
  • Bearings
  • Power Transmission
  • Fluid Power
  • Industrial Rubber
  • General Maintenance
Number of employees
 4,635 (2007-2008)
Website www.applied.com

Footnotes / references

  • Founded, Number of Locations[1]
  • Headquarters, Number of Employees[2]

Applied Industrial Technologies, Inc. (AIT) a public, American company focused on the manufacture and sale of industrial (including automotive) parts and fluid power components; it also provides modification, repair and installation services for industrial rubber components, such as conveyor belts and hoses.[2]

Company history

Joseph M. Bruening founded Applied Industrial Technologies, then called the Ohio Ball Bearing Company, in 1923.[3] First year sales totaled $82,000. Over the next few decades, new branches opened and sales rose steadily.

In 1953, the company was renamed Bearings, Inc. As acquisitions were made (Dixie Bearings, Inc., King Bearing, Inc., Mainline Industrial Distributors, Inc.), the company’s product and service offering grew. Bearings, Inc. became an authorized distributor for bearings, power transmission supplies, fluid power components and industrial rubber products.

In 1995, Bearings, Inc. recorded more than a billion dollars in sales for the first time. Acquisitions were made in 1996 (Engineered Sales, Inc.) and 1997 (Invetech Company (parent company of Detroit Ball Bearing, American Bearing and Power Transmission, Moore Bearing, Kentucky Bearing Service and Hewitt Transmission)).

The company’s name was changed to Applied Industrial Technologies in 1997.

Since 1998, Applied has continued to make acquisitions, expanding further in the U.S. (Minnesota Bearing Company, Cincinnati Transmission) but also increasing its presence in Puerto Rico (Rafael Benitez Carrillo), Mexico (Baleros Industriales, S.A. de C.V., Rodamientos y Bandas de la Laguna, S.A. de C.V., VYCMEX S.A. de C.V., Suministros Industriales Enol, S.A. de C.V.) and Canada (Bearing & Transmission, B & T Rubber, HyPOWER Systems, Industrial Equipment Co. Ltd., Groupe GLM,). Through acquisitions (Spencer Industries, Inc., Bay Advanced Technologies, Carolina Fluid Components, DTS Fluid Power, FluidTech, Hughes HiTech, Hydro Air and Power Systems), Applied has also grown its offering of fluid power products and services.[4]

References

  1. ↑ Applied Industrial Technologies, Inc. "Form 10-Q, 3rd Quarter, 2012" (PDF). EDGAR. Retrieved Jan 12, 2013.
  2. 1 2 Plunkett, Jack W., ed. (2008). Plunkett's Automobile Industry Almanac 2009. Plunkett Research. Applied Industrial Technologies, Inc. ISBN 9781593921224 – via Google Books.
  3. ↑ "History". Applied Industrial Technologies. Archived from the original on 2015-02-18. Retrieved Feb 17, 2015.
  4. ↑ Applied Industrial Technologies, Inc. "Form 10-K 2009". EDGAR. Retrieved Jan 12, 2013.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.