Press Release: Applied Industrial Technologies Announces Closing of Grupo Kopar Acquisition

Dow Jones05-06

Applied Industrial Technologies Announces Closing of Grupo Kopar Acquisition 

CLEVELAND--(BUSINESS WIRE)--May 06, 2024--

Applied Industrial Technologies $(AIT)$ today announced the closing of its acquisition of Grupo Kopar (Kopar), a provider of emerging automation technologies and engineered solutions. Kopar is based in Monterrey, Mexico. The acquisition closed on May 1(st) and terms of the transaction were not disclosed.

Neil A. Schrimsher, President & Chief Executive Officer for Applied, commented, "We are pleased to officially welcome Kopar to Applied. This acquisition represents a key strategic step in the expansion of our automation platform with the extension of our footprint into Mexico. Kopar is a leader in the markets they serve and has strong alignment with our strategy focused on high-value robotics, machine vision, and IoT applications. They bring established customer and supplier relationships along with an experienced team of approximately 200 associates highly regarded for their technical and application expertise. We expect Kopar to drive solid momentum across our scaling automation position in North America, including positively influencing our sales and earnings growth into fiscal 2025 and beyond."

Kopar operates from 16 locations primarily across Mexico, as well as Costa Rica and Texas, and serves customers primarily in food & beverage, automotive, light manufacturing, electronics, and pharmaceutical end markets. Kopar is expected to generate annual sales of approximately $60 million in the first year.

About Applied$(R)$ Applied Industrial Technologies is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO and OEM end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise. For more information, visit www.applied.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506309766/en/ 

 
    CONTACT:    Ryan D. Cieslak

Director -- Investor Relations & Treasury

216-426-4887 / rcieslak@applied.com

(END) Dow Jones Newswires

May 06, 2024 09:01 ET (13:01 GMT)

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