Applied Industrial Technologies Acquires VYCMEX S.A. de C.V. of Mexico
Applied Industrial Technologies (NYSE: AIT) today announced the acquisition of VYCMEX S.A. de C.V. and its group of companies. VYCMEX, headquartered in Monterrey, is Mexico’s largest independent fluid power distributor with over 70 employees.
VYCMEX operates 5 service centers in Monterrey, Mexico City, Veracruz and San Luis Potosi. The company will operate as a wholly-owned subsidiary of Applied Mexico Holdings S.A. de C.V., and will report to Sergio Nevarez, General Director of Applied Mexico, who resides in Chihuahua.
“The acquisition of VYCMEX gives Applied substantial expertise and capabilities in fluid power products and systems in Mexico,” said Todd A. Barlett, Vice President – Acquisitions and Global Business Development for Applied. “We can now provide a total product solution for Mexican industries that covers a broad range of hydraulics, pneumatics, bearings, power transmission and general industrial supplies. We feel this increases our value as a supplier and will help us expand our market share in Mexico.”
Combined, VYCMEX and Applied Mexico are one of the largest industrial distribution companies in Mexico and supply vital repair parts and original equipment parts for manufacturing, mining, metal processing and other industries. The network includes 9 service centers that support customers with bearing and power transmission products, and 5 service centers that provide fluid power products and services.
With more than 445 facilities and 4,600 employee-associates across North America, Applied Industrial Technologies is an industrial distributor that offers more than 3 million 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.
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