Applied Industrial Technologies

Applied Industrial Technologies, Inc.
Public company
Traded as NYSE: AIT
S&P 600 Component
Founded 1923 (1923)
Founder Joseph M. Bruening
Headquarters Cleveland, Ohio, United States
Number of locations
 More than 600 facilities
Area served
 United States, Puerto Rico, Canada, Mexico, Australia and New Zealand
Key people
 Neil Schrimsher, President & CEO
Products
  • Bearings
  • Power Transmission
  • Fluid Power
  • Flow Control
  • Industrial Rubber
  • General Maintenance
Number of employees
 More than 6,600
Website www.applied.com
Footnotes / references
  • Founded, Number of Locations[1]
  • Headquarters, Number of Employees[2]

Applied Industrial Technologies, Inc. (AIT) a public, global company based in the U.S. focused on the distribution of bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, and other industrial supplies, serving MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and system integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber, fluid power, and flow control shop services. Applied also offers storeroom services and inventory management solutions that provide added value to its customers.

Company history

Joseph M. Bruening founded Applied Industrial Technologies, then called The Ohio Ball Bearing Company, in 1923. First year sales totaled $82,000. Over the next few decades, new branches opened and sales rose steadily.

The Company’s name was changed from The Ohio Ball Bearing Company 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.

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 with locations in Canada, Mexico, Australia, New Zealand and Singapore.

The Company’s extensive product and service offering include: General Industry • Industrial Machinery • Food • Forest Products • Oil & Gas • Primary Metals • Mining • Chem/Petrochem • Government • Transportation • Fabricated Metals • Cement • Utilities

Today, Applied operates more than 600 facilities with over 6,600 employee associates.

References

  1. ↑ Applied Industrial Technologies, Inc. "Form 10-Q, 3rd Quarter, 2012" (PDF). EDGAR. Retrieved Jan 12, 2013.
  2. ↑ Plunkett, Jack W., ed. (2008). Plunkett's Automobile Industry Almanac 2009. Plunkett Research. Applied Industrial Technologies, Inc. ISBN 9781593921224 – via Google Books.
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