Applied Industrial Technologies of Ohio buys Atlantic Fasteners in Agawam
The Atlantic Fasteners headquarters at 92 Herbert P Almgren Dr., Agawam. ATlantic has been sold to an Ohio company. (photo provided)
AGAWAM - Publicly-traded Applied Industrial Technologies of Cleveland, Ohio, has purchased Atlantic Fasteners, a wholesale distributor of hardware including screws, bolts, nuts and washers, located in Agawam.
The sale means more opportunity for Atlantic's Agawam site and its 48 employees, said Tony Peterson, president of Atlantic, who will stay on as vice president and general manager after the sale.
"It's very good," Peterson said. "They pursued us because of our location. They don't have a distribution center in the Northeast."
Atlantic is located at 92 Herbert P. Almgren Drive, Agawam.
Applied also has a wider product line than Atlantic, offering tens of thousands of more items, Peterson said. With this added range of products, Atlantic will be able to sell more to existing customers and bring in new customers.
"Literally everyone uses fasteners," Peterson said. "Towns use fasteners. Amusement parks use fasteners. Fasteners go into original equipment manufacturers are making. They go into repairs and maintenance. Hospitals use fasteners."
Founded in 1981, Atlantic had been employee-owned for the past 10 years, he said. The sale proceeds, which were not discussed, will be distributed to those employee-owners."
Atlantic was also attractive to buyers because it uses a system of bar codes to control inventory on behalf of its customers, Peterson said. That means a customer might not know how many of a particular screw it has, but Atlantic does know and Atlantic makes sure the customer doesn't run out.
"There are so many different parts it can be hard for our customers to keep track," he said. "Very time consuming."
The sale process took 18 months to complete, he said.
Founded in 1923 as the Cleveland Ball Bearing Co., Applied has been buying companies past few years. It has purchased ten companies since 2012 from Quebec and Alberta in Canada to Texas, Mexico, Australia and New Zealand.
Applied Industrial Technologies' stock, NYSE: AIT, traded at $38.20 a share as of midday Wednesday , up 19 cents or 0.50 percent on the day.
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