Applied Industrial Technologies

Applied Industrial Technologies, Inc. (AIT) is a public, global company based in the U.S. and focused on the distribution of bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, and other industrial supplies. AIT 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 Industrial Technologies, Inc.
TypePublic company
NYSE: AIT
S&P 600 Component
Founded1923 (1923)
FounderJoseph 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
Footnotes / references
  • Founded, Number of Locations[1]
  • Headquarters, Number of Employees[2]

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.

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.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.