Applied Industrial Technologies Buys Seals Unlimited For Undisclosed Terms

Resource from: Yahoo Finance Likes:247

Jun 16,2016

Applied Industrial Technologies (NYSE: AIT) revealed Wednesday that it acquired Seals Unlimited, a distributor of sealing, fastener and hose products, located in Burlington, Ontario. The company did not disclose the terms of the sale. Applied Industrial President and CEO, Neil Schrimsher, commented, "Seals Unlimited is an excellent addition to Applied®, enhancing our bearings and power transmission platform in Eastern Canada. Their extensive expertise in sealing products and market applications, along with more than 40 years of experience, aligns well with our focus on delivering value-added solutions and service." The company's VP – Acquisitions and Global Business Development, Todd Barlett, added, "We are very pleased to welcome Seals Unlimited into our company, contributing their highly regarded reputation, strong supplier partners and exceptional product knowledge for continued growth." Seals and its team of 15 associates function from a single location in Burlington. Its product portfolio included seals, o-rings, gaskets, lubricants, adhesives and sealing products. Aside from that, it offers engineering support and consulting services in a variety of industries, including power generation, water filtration, steel, aerospace and plastics. The company would function as a subsidiary of Applied Canada under its existing name. The stock traded 0.76 percent higher on Tuesday.

(Yahoo Finance)

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