CLEVELAND, May 14 /PRNewswire-FirstCall/ -- Applied Industrial Technologies today announced it has reached an agreement in principle to acquire Suministros Industriales Enol, S.A. de C.V. and its group of companies. The transaction is expected to close on or before May 30, 2008. Terms were not disclosed.
Enol, headquartered in Puebla, Pue., is one of Mexico's largest distributors of power transmission products including bearings, hydraulic hose, electric motors, conveyor products, and lubricants, and had sales of $25 million USD in 2007. It operates 10 service centers in Saltillo, Monterrey, San Luis Potosi, Queretaro, Silao, Toluca, Tlalnepantla, Puebla, Tehuacan, and Merida. The company has 145 employees and serves a broad segment of industrial customers including steel, cement, pulp and paper, sugar, and others.
"The acquisition of Enol will significantly expand Applied's position throughout Mexico," said Todd A. Barlett, Vice President - Acquisitions and Global Business Development. "Enol, along with our recent acquisition of VYCMEX, strengthens our ability to serve Mexico's diverse industries."
"The product lines and brands are a good fit with our service strategy," stated Sergio Nevarez, General Director of Applied Mexico. "We are excited to gain these service centers in new markets, and especially pleased to gain the talent of Enol's employees."
Jose Luis Lamuno, a principal with Enol, will continue with the company and will serve as Operations Director for all of Applied Mexico. "There is a very strong cultural fit between our companies in terms of our values and our orientation toward customer service," said Mr. Lamuno. "We believe that Enol and Applied Mexico together will provide our customers with superior access to quality brands and strong technical service."
Applied Industrial Technologies, Inc. has more than 445 facilities and 4,600 employee-associates across North America. The company distributes more than 3 million replacement parts critical to the operations of MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial and fluid power applications, as well as customized mechanical, fabricated rubber and fluid power shop services. For its fiscal year ended June 30, 2007, Applied posted sales of $2 billion. Applied can be visited on the Internet at http://www.applied.com/ .
With this acquisition, Applied Mexico will serve Mexican industry through 17 service centers and 3 sales offices located in 13 states. Combined, the company offers more than 3 million power transmission and fluid power products and provides technical services in support of their customers.
