GREY:CSOSF - Post Discussion
Post by
DTM5 on Aug 04, 2010 5:26pm
The rumor is true
Unfortunately there is no price or numbers appended to the deal. SCS group was about 1/4 the size of CSA and based in Eastern canada. I think Applied owns bearing & transmission in Western Canada. CSA has no cash in the tank and therefore no ammo to grow. Are they a target because of this?
Applied Industrial Technologies Ltd. Acquires SCS Supply Group Inc. Business
CLEVELAND, Aug. 3 /PRNewswire-FirstCall/ -- Applied Industrial Technologies Ltd., the Canadian subsidiary of Applied Industrial Technologies, Inc. (NYSE: AIT), today announced it has acquired the business of SCS Supply Group Inc., formerly known as Toronto Bearing & Belting and CBS Equipment. Terms of the sale were not disclosed.
The acquired business operates eight locations with 61 employees throughout southern Ontario and services a broad base of industrial customers with bearings, power transmission, electrical, fluid power and industrial supplies.
The SCS management team of John (Jay) Shore, Rob Sharpe and Ralph Caporiccio will continue with the Applied organization, reporting to Ron Sowinski, President & Chief Operating Officer of Applied Industrial Technologies Ltd.
"We're very pleased to establish our presence in the Province of Ontario with such a reputable business partner," said Todd A. Barlett, Vice President – Acquisitions and Global Business Development for Applied. "This acquisition further expands Applied's geographic footprint and creates opportunities to access a major economic sector of Eastern Canada."
"We are happy to be joining a strong company that aligns with our products, services, values and culture," said Jay Shore, President of SCS Supply.
With approximately 460 facilities and 4,500 employee associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 3 million parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Applied also offers maintenance training, plus solutions to meet inventory and storeroom management needs that help provide enhanced value to its customers. For its fiscal year ended June 30, 2009, Applied posted sales of $1.9 billion. Applied can be visited on the Internet athttps://www.applied.com.
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