Applied Industrial Acquires Minnesota Bearing
Resource from: CBCC Likes:3020
Apr 14,2006
Applied Industrial Technologies (USA; NYSE: AIT) has acquired Minnesota Bearing Company (USA) and all related divisions.
Founded seventy years ago, Minnesota Bearing operates nine locations across five upper Midwest states: Minnesota, Iowa, Nebraska, North Dakota and Wisconsin. Sales in 2005 totaled approximately $35 million; target markets include practically every industry in the region.
Divisions of Minnesota Bearing include Iowa Bearing Company, Western Bearing & Supply Company, Nebraska Bearing Company, and Air-Hydraulic Systems Inc.
All except Air-Hydraulic distribute bearings, power transmission and related products. The company not only sells, but also designs and installs systems, as well as offering long-term maintenance service and preventive maintenance management. Air-Hydraulic specializes in developing systems for taconite mining and processing, logging, food processing, energy, manufacturing, agriculture and construction. Air-Hydraulic will be brought under Applied's Fluid Power business unit.
Applied Industrial is a key distributor of industrial aftermarket replacement bearings and power transmission products. The company also provides engineering and design assistance. With 2005 sales over $1.7 billion, Applied has over 4,500 employees in almost 450 facilities across the United States, Canada and Mexico.
Todd Bartlett, Applied VP of Acquisitions, said: "The strength of Minnesota Bearing, together with the expertise of Air-Hydraulic Systems, provide a good fit with Applied in terms of both product and service capabilities. Minnesota Bearing's technical knowledge and geographic coverage strengthens our position in the Upper Midwest and creates opportunities for additional growth. We are also pleased to add Air-Hydraulic Systems to our growing fluid power business as part of this transaction."
Minnesota Bearing's Owner and CEO, Robert Weiser, said: "As a part of Applied, Minnesota Bearing will be able to offer a far greater assortment of products, services and resources to better support our customers."
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