Applied Industrial Technologies
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|Traded as||NYSE: AIT|
S&P 600 Component
|Founder||Joseph M. Bruening|
Number of locations
|More than 600 facilities|
|United States, Puerto Rico, Canada, Mexico, Australia and New Zealand|
|Neil Schrimsher, President & CEO|
Number of employees
|More than 6,600|
|Footnotes / references|
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 also offers storeroom services and inventory management solutions that provide added value to its customers.
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.