From the Wires
Applied Industrial Technologies Celebrates its 90th Anniversary
By: PR Newswire
Jan. 18, 2013 01:00 PM
CLEVELAND, Jan. 18, 2013 /PRNewswire/ -- Applied Industrial Technologies (NYSE: AIT) is celebrating its 90th year in business. Founded in 1923 as The Ohio Ball Bearing Company in Cleveland, Ohio, the company has grown to become one of the largest industrial distributors in North America, providing more than four million products, plus specialized, innovative value-added solutions. With core competencies in bearings, power transmission components, fluid power products, and other maintenance supplies and solutions, Applied® has experienced consistent growth through both product and market expansion to achieve its current position as a FORTUNE 1000 company with annual revenues of $2.4 billion.
Applied remains headquartered in Cleveland with more than 500 facilities and 5,000 associates around the world. The company represents more than 2,000 leading manufacturer suppliers with the highest quality brands to serve the needs of Maintenance, Repair and Operations (MRO), and Original Equipment Manufacturing (OEM) in virtually all industries. The company also provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. Additionally, Applied offers maintenance training and inventory management solutions that provide added value to its customers.
The company's name was changed to Bearings, Inc. in 1953 and was first publicly traded on the American Stock Exchange that same year. In 1997, the company changed its name to Applied Industrial Technologies to more accurately reflect its diversified product lines and is currently traded on the New York Stock Exchange with the symbol AIT. That same year, the company moved into its new curved steel and glass world headquarters located just east of downtown Cleveland.
From the 1950s through the early 1990s, the company targeted U.S. expansion with small and mid-size acquisitions. In the mid-1990s, the company increased the overall pace of acquisitions, expanding its fluid power operations in particular. Since 2000, Applied has also grown internationally, completing major acquisitions in Canada, Mexico, Australia and New Zealand.
Applied has received numerous customer and supplier accolades for its commitment to quality service and value-added support. In addition, Applied is a 12-time winner of the NorthCoast 99 Award for being among the best places to work, and Selling Power magazine continues to rank Applied as one of "The 50 Best Companies to Sell For." Since 2000, the company has been named to the prestigious InformationWeek 500 list, which recognizes the most innovative users of information technology.
"Our founding philosophy – to take care of the customer – remains our guiding principle today through our dedicated associates who are highly trained and focused on providing value-added solutions," says Neil Schrimsher, Chief Executive Officer. "We are excited to be building on our strong foundation, with excellent opportunities for growth – organically, via acquisition and through our technology investments – and we are committed to generating benefits for all Applied stakeholders."
With more than 500 facilities and 5,000 employee associates, Applied Industrial Technologies is a leading industrial distributor that offers more than four million parts to serve the needs 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 and inventory management solutions that provide added value to its customers. Applied can be visited on the Internet at www.applied.com.
SOURCE Applied Industrial Technologies
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