Type Public company Founded 1923 | Founder Joseph M. Bruening Number of employees 4,635 | |
Traded as NYSE: AIT
S&P 600 Component Number of locations More than 500 facilities Area served United States, Puerto Rico, Canada, Mexico, Australia and New Zealand Key people Neil Schrimsher, President and CEO Headquarters Cleveland, Ohio, United States Parent organization Applied Industrial Technologies, Inc. Profiles | ||
Solutions industrielles division de applied industrial technologies
Applied Industrial Technologies, Inc. (AIT) a public, American company focused on the manufacture and sale of industrial (including automotive) parts and fluid power components; it also provides modification, repair and installation services for industrial rubber components, such as conveyor belts and hoses.
Contents
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.
In 1953, the company was renamed Bearings, Inc. As acquisitions were made (Dixie Bearings, Inc., King Bearing, Inc., Mainline Industrial Distributors, Inc.), the company’s product and service offering grew. Bearings, Inc. became an authorized distributor for bearings, power transmission supplies, fluid power components and industrial rubber products.
In 1995, Bearings, Inc. recorded more than a billion dollars in sales for the first time. Acquisitions were made in 1996 (Engineered Sales, Inc.) and 1997 (Invetech Company (parent company of Detroit Ball Bearing, American Bearing and Power Transmission, Moore Bearing, Kentucky Bearing Service and Hewitt Transmission)).
The company’s name was changed to Applied Industrial Technologies in 1997.
Since 1998, Applied has continued to make acquisitions, expanding further in the U.S. (Minnesota Bearing Company, Cincinnati Transmission) but also increasing its presence in Puerto Rico (Rafael Benitez Carrillo), Mexico (Baleros Industriales, S.A. de C.V., Rodamientos y Bandas de la Laguna, S.A. de C.V., VYCMEX S.A. de C.V., Suministros Industriales Enol, S.A. de C.V.) and Canada (Bearing & Transmission, B & T Rubber, HyPOWER Systems, Industrial Equipment Co. Ltd., Groupe GLM,). Through acquisitions (Spencer Industries, Inc., Bay Advanced Technologies, Carolina Fluid Components, DTS Fluid Power, FluidTech, Hughes HiTech, Hydro Air and Power Systems), Applied has also grown its offering of fluid power products and services.