Powering Up The US Service Center: Applied Industrial Acquires Bearing Distributors And Cangro Industries For Undisclosed Sum
Portfolio Pulse from Shivani Kumaresan
Applied Industrial Technologies Inc (NYSE:AIT) has acquired Bearing Distributors, Inc. and Cangro Industries, Inc. Both companies provide bearings, power transmission, industrial motion, and related service and repair capabilities. They are expected to report annual sales of approximately $50 million in the first year. AIT shares are trading lower by 1.25% at $155.12.
September 05, 2023 | 4:23 pm
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Applied Industrial Technologies has acquired Bearing Distributors and Cangro Industries. The acquisition could potentially boost AIT's annual sales by $50 million. However, AIT's stock price is currently down by 1.25%.
The acquisition of Bearing Distributors and Cangro Industries by Applied Industrial Technologies could potentially boost the company's annual sales, which is a positive development. However, the company's stock price is currently down, indicating a negative short-term impact. The relevance and importance are high as the news directly involves AIT and its financial performance.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100