Applied Industrial Technologies to Acquire Olympus Controls Corp.
Summary
CLEVELAND--(BUSINESS WIRE)--Applied Industrial Technologies (NYSE: AIT) today announced it has signed a definitive agreement to acquire Olympus Controls Corp. (“Olympus”), an automation solutions provider – including design, assembly, integration, and distribution – of motion control, machine vision, and robotic technologies. “ Olympus brings to Applied a full range of value-added automation expertise, with leading technology solutions, an established geographic footprint, and strong supplier partnerships,” said Neil A. Schrimsher, President & Chief Executive Officer for Applied. “ Their addition is a strong complement to our business, further broadening our capabilities, customer opportunities and technical presence across varied industrial segments.” Founded in 1998, Olympus and its team of 80+ employees serve customers throughout the Pacific Northwest, West Coast and Lower Central States from five locations in Tualatin, OR; Kent, WA; Fremont, CA; San Diego, CA; and Lake Dallas, TX. Mr. Schrimsher added, “ We look forward to welcoming Olympus into our company and leveraging our expanding, differentiated capabilities and comprehensive solutions for enhanced customer and shareholder value.” About Applied® Founded in 1923, Applied Industrial Technologies is a leading distributor 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. Applied also offers storeroom services and inventory management solutions that provide added value to its customers.