Applied Acquires Bearings Distributors & Cangro Industries - Modern Distribution Management

Applied Acquires Bearings Distributors & Cangro Industries

The company again marks its centennial celebration by acquiring two providers of bearings, power transmission and industrial motion products.
Florence - Circa July 2020: Applied Industrial Technologies center. AIT began distributing ball bearings and is a leading industrial distributor.

In yet another milestone marking its yearlong 100th anniversary celebration, Applied Industrial Technologies announced Sept. 5 that it has acquired two providers of bearings, power transmission and industrial motion products.

Applied said it has acquired Columbia, South Carolina-based Bearing Distributors, Inc. and Long Island, New York-based Cangro Industries, Inc.

Financial terms of the transactions were not disclosed.

MDM’S SHIFT Conference, Sept. 18-20 in Denver, brings together distribution leaders to learn and network across topics of sales & marketing, digital transformation, data analytics and talent management. Find more info here.

“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,” said Neil A. Schrimsher, President & CEO for Applied. “We have meaningfully enhanced our Service Center operations in recent years through strategic process improvements, systems investments, and talent additions. 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.”

Bearing Distributors operates with a team of more than 95 associates from 12 locations. Cangro operates with a team of more than 20 associates from two locations. The two providers serve customers primarily across core U.S. Service Center industries, including food and beverage; pulp and paper; chemical; pharmaceutical; automotive; and other industrial markets. The companies are expected to generate annual sales of approximately $50 million in the first year, Applied said in a news release.

In January, Applied announced it would spend 2023 celebrating its centennial anniversary. For MDM’s 2023 Top Distributors Lists, the company ranks No. 12 on industrial distributors, No. 2 for power transmission/bearings, No. 1 for fluid power and No. 10 for fasteners.

Applied in April announced its acquisition of Rochester, New York-based Advanced Motion Systems Inc., which provides automation products, services and engineered solutions focused on machine vision, robotics and motion control products and technologies.

In June, Schrimsher and other Applied representatives rang The Closing Bell at the New York Stock Exchange. For the company’s fiscal 2023 — which ended June 30 — Applied had full-year sales of sales of $4.4 billion, net profit $347 million and EBITDA of $524.5 million.

Related Posts

Share this article

About the Author
Recommended Reading
Leave a Reply

Leave a Comment

Sign Up for the MDM Update Newsletter

The MDM update newsletter is your best source for news and trends in the wholesale distribution industry.

2

articles left

Want more Premium content from MDM?

Subscribe today and get:

  • New issues twice each month
  • Unlimited access to mdm.com, including 10+ years of archived data
  • Current trends analysis, market data and economic updates
  • Discounts on select store products and events

Subscribe to continue reading

MDM Premium Subscribers get:

  • Unlimited access to MDM.com
  • 1 year digital subscription, with new issues twice a month
  • Trends analysis, market data and quarterly economic updates
  • Deals on select store products and events

1

article
left

You have one free article remaining

Subscribe to MDM Premium to get unlimited access. Your subscription includes:

  • Two new issues a month
  • Access to 10+ years of archived data on mdm.com
  • Quarterly economic updates, trends analysis and market data
  • Store and event discounts

To continue reading, you must be an MDM Premium subscriber.

Join other distribution executives who use MDM Premium to optimize their business. Our insights and analysis help you enter the right new markets, turbocharge your sales and marketing efforts, identify business partners that help you scale, and stay ahead of your competitors.

Register for full access

By providing your email, you agree to receive announcements from us and our partners for our newsletter, events, surveys, and partner resources per MDM Terms & Conditions. You can withdraw consent at any time.

Learn More about Custom Reports

Request a Market Prospector Demo

  • This field is for validation purposes and should be left unchanged.

Get the MDM Update Newsletter

Wholesale distribution news and trends delivered right to your inbox.

Sign-up for our free newsletter and get:

  • Up-to-date news in a quick-to-read format
  • Free access to webcasts, podcasts and live events
  • Exclusive whitepapers, research and reports
  • And more!