Applied Industrial Technologies Acquires R.R. Floody Company

Rhea-AI Summary

Applied Industrial Technologies (NYSE: AIT) has acquired R.R. Floody Company, enhancing its automation offerings in machine vision, robotics, and motion control. Although the transaction terms were not disclosed, the acquisition is expected to bolster Applied's presence in the U.S. Midwest market. Floody specializes in advanced facility automation and serves diversified industries, including food and beverage and medical technology. This strategic move aligns with Applied's objectives to scale its automation capabilities into early fiscal 2022.

Positive

• Acquisition of R.R. Floody enhances automation offerings in machine vision and robotics.
• Strengthens presence in the U.S. Midwest market.
• Floody's expertise aligns with Applied's strategic goals for market expansion.
• Potential for revenue growth through advanced facility automation solutions.

Negative

• None.

Applied Industrial Technologies (NYSE: AIT) today announced it has acquired R.R. Floody Company, Inc. (“Floody”), a provider of automation products, services, and engineered solutions focused on machine vision, mobile and collaborative robotics, motion control, material handling, and digital capabilities. Terms of the transaction were not disclosed.

Neil A. Schrimsher, President & Chief Executive Officer for Applied, commented, “We are pleased to announce the addition of the R.R. Floody Company, which further enhances our growing automation offering focused on next generation technologies. Floody has a strong presence across the U.S. Midwest market, and brings valuable and innovative capabilities in advanced facility automation with a focus on machine vision. Floody’s engineered solutions and technical expertise align with our overall strategy, and provide further momentum to our scaling automation position into early fiscal 2022. We welcome Floody to Applied and look forward to their contributions going forward.”

Based in Rockford, IL, Floody’s team of 18 associates operates from one location and serves customers primarily across consumer packaging, food and beverage, pharmaceutical, medical technology, and general industrial industries.

About Applied^®
Applied Industrial Technologies is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO and OEM end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise. For more information, visit www.applied.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210819005228/en/

FAQ

What is the purpose of Applied's acquisition of R.R. Floody?

The acquisition aims to enhance Applied's automation offerings and expand its presence in the U.S. Midwest market.

What are the key capabilities that R.R. Floody brings to Applied?

Floody provides automation products and services focused on machine vision, robotics, motion control, and material handling.

What industries does R.R. Floody serve?

Floody serves various industries, including consumer packaging, food and beverage, pharmaceutical, medical technology, and general industrial sectors.

How will this acquisition impact Applied's financial performance?

While specific financial terms were not disclosed, the acquisition is expected to enhance revenue growth through innovation in automation solutions.

When is Applied planning to integrate R.R. Floody's operations?

Integration is expected to begin as part of Applied's scaling automation strategy into early fiscal 2022.