United States. Applied Industrial Technologies has announced the acquisition of Bearing Distributors and Cangro Industries, suppliers of bearings, power transmission, industrial motion and related repair capabilities and services.
Bearing Distributors is headquartered in Columbia, South Carolina, while Cangro is headquartered in Long Island, New York. Terms of the transactions were not disclosed.
"We welcome Bearing Distributors and Cangro to Applied's network of service centers in the U.S. as we continue to strengthen our local presence and provide our customers with leading technical support," said Neil A. Schrimsher, president and chief executive officer of Applied.
"We have significantly improved our Service Center operations in recent years through strategic process improvements, systems investments and talent onboarding," Schrimsher said.
"At the same time, the long-term demand outlook across our core network of service centers has never been stronger, reflecting the emerging secular tailwinds around relocation, customer capital investments and supply chain technical requirements, as well as win-share opportunities linked to our service capabilities. and cross-selling potential," he added.
"Both companies will immediately strengthen our position to take full advantage of these tailwinds now and in the years to come."
Bearing Distributors operates with a team of more than 95 associates in 12 locations. Cangro operates with a team of more than 20 associates from two locations.
The companies serve customers primarily in major U.S. service center industries, including food and beverage, pulp and paper, chemical, pharmaceutical, automotive, and other industrial markets.
Combined, the companies are expected to generate annual sales of approximately $50 million during the first year.
