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Applied Industrial Technologies, Inc. (NYSE: AIT) is a leading industrial distributor that provides over five million parts to maintenance, repair, and operations (MRO) and original equipment manufacturing (OEM) customers across virtually every industry. With fiscal 2014 sales of $2.5 billion, the company supplies critical products and services, including bearings, power transmission components, fluid power systems, industrial rubber products, and linear motion components. Applied Industrial Technologies also offers engineering, design, and systems integration services for industrial and fluid power applications, as well as customized mechanical and rubber fabrication services. Its offerings extend to maintenance training and inventory management solutions, adding significant value to its clientele.
The company operates more than 560 facilities and nine distribution centers, primarily in North America, Australia, and New Zealand. This extensive network supports a robust supply chain and ensures timely delivery of essential components. Recently, Applied Industrial Technologies has reported significant financial growth, with net sales reaching $1.1 billion, a 15.4% year-over-year increase, and net income of $97.2 million. The company’s EBITDA also saw a 29.2% increase to $140.3 million.
Applied continues to innovate and expand its services, as evidenced by the recent acquisition of Grupo Kopar, enhancing its automation platform and footprint in Mexico. The company's commitment to sustainability and responsible business practices is highlighted in its 2023 Environmental, Social & Governance (ESG) Report. The company’s strategic initiatives and robust financial health position it favorably within the industrial sector.
For more information, visit www.applied.com.
Applied Industrial Technologies (NYSE: AIT) has declared a quarterly cash dividend of $0.37 per common share, payable on August 30, 2024, to shareholders of record as of August 15, 2024. Additionally, the company will hold its Annual Meeting of Shareholders on October 22, 2024, at its Corporate Headquarters in Cleveland, Ohio. Shareholders of record as of August 26, 2024, will be entitled to notice of and voting rights at the meeting.
Applied Industrial Technologies has completed the acquisition of Grupo Kopar, a provider of automation technologies based in Monterrey, Mexico. The transaction closed on May 1st, with no disclosed terms. The move aims to expand Applied's automation platform into Mexico, leveraging Kopar's expertise in robotics, machine vision, and IoT applications. Kopar is projected to enhance Applied's sales and earnings growth through fiscal 2025, with expected annual sales of around $60 million in the first year.
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