Applied Industrial Technologies said on Tuesday that it had acquired both Bearing Distributors Inc and Cangro Industries Inc, providers of bearings, power transmission, industrial motion and related service and repair capabilities.
Bearing Distributors is based in Columbia, South Carolina, while Cangro Industries – in Long Island, New York.
Bearing Distributors has a team of over 95 associates across 12 locations, while Cangro has a team of over 20 associates at 2 locations.
The two companies combined are projected to generate annual sales of about $50 million during the first year.
“We welcome Bearing Distributors and Cangro to Applied’s U.S. Service Center network as we continue to bolster our local presence and provide our customers with leading technical support. We have meaningfully enhanced our Service Center operations in recent years through strategic process improvements, systems investments, and talent additions,” Neil Schrimsher, President and Chief Executive Officer of Applied Industrial Technologies, said in a press release.
“At the same time, the long-term demand outlook in our core Service Center network has never been stronger, reflecting emerging secular tailwinds around reshoring, customer capex investments, and technical supply chain requirements, as well as share gain opportunities tied to our service capabilities and cross-selling potential. Both Companies will immediately strengthen our position to fully leverage these tailwinds now and in the coming years.”
The financial details of the transactions, however, remained undisclosed.
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