2 weeks Ago By Defense World Staff
Applied Industrial Technologies, Inc. (NYSE: AIT) recently entered into a Securities Purchase Agreement on November 21, 2024. The agreement involves Applied acquiring all the issued and outstanding membership interests of Hydradyne, LLC from LOR, Inc.
for a total consideration of $272 million. The transaction, funded by Applied with cash on hand, is anticipated to close in the fourth quarter of 2024, pending customary closing conditions. The Purchase Agreement contains standard representations, warranties, indemnities, and covenants related to the acquisition, along with termination provisions.
Should the Transaction not be completed by March 21, 2025, the parties have the option to terminate the agreement. The SEC filing states the full text of the Purchase Agreement is available as Exhibit 2.1 in the Current Report on Form 8-K.
The filing regarding the acquisition included a cautionary note regarding forward-looking statements. It emphasized that actual outcomes could differ from expressed expectations due to various risk factors in the industry and market. Applied stated they have no obligation to update or revise forward-looking statements based on new information or events.
Hydradyne, based in Dallas, Texas, provides fluid power solutions and services, specializing in fluid power system design, assembly, and repair. Applied views this acquisition as strategically enhancing their technical capabilities and market reach, especially in the U.S.
Southeast region, presenting opportunities for cross-selling and expansion. Lon Jennings, President of Hydradyne, expressed optimism about the acquisition, citing the alignment of culture and strategy between the two companies. The deal is positioned to create long-term value for stakeholders and is expected to strengthen Applied’s position in the industry.
Applied Industrial Technologies is a prominent distributor of industrial motion, fluid power, and automation technologies, catering to a wide range of industrial markets. For more details regarding the acquisition and Applied’s services, interested parties can refer to the official SEC filing or the company’s website. Contact Information: Ryan D.
Cieslak Director – Investor Relations & Treasury 216-426-4887 / [email protected] This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Applied Industrial Technologies’s 8K filing here . Applied Industrial Technologies Company Profile ( Get Free Report ) Applied Industrial Technologies, Inc distributes industrial motion, power, control, and automation technology solutions in North America, Australia, New Zealand, and Singapore.
It operates in two segments, Service Center Based Distribution, and Engineered Solutions. The company distributes bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, advanced automation products, industrial rubber products, linear motion components, automation solutions, tools, safety products, oilfield supplies, and other industrial and maintenance supplies; and motors, belting, drives, couplings, pumps, hydraulic and pneumatic components, filtration supplies, valves, fittings, process instrumentation, actuators, and hoses, filtration supplies, as well as other related supplies for general operational needs of customers' machinery and equipment. Read More Five stocks we like better than Applied Industrial Technologies Want to Profit on the Downtrend? Downtrends, Explained.
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