USA. Applied Industrial Technologies has announced the acquisition of Bearing Distributors and Cangro Industries, providers of bearings, power transmission, industrial motion and related repair and service capabilities.
Bearing Distributors is based in Columbia, South Carolina, while Cangro is based in Long Island, New York. Terms of the transactions were not disclosed.
"We welcome Bearing Distributors and Cangro to Applied's US service center network as we continue to strengthen our local presence and provide our customers with leading technical support," said Neil A. Schrimsher, president and CEO of applied.
“We have significantly improved our Service Center operations in recent years through strategic process improvements, system 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 technical supply chain requirements, as well as profit-sharing 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 for years to come,” he concluded.
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 the major US service center industries, including the 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 in the first year.