Applied Industrial Adds Seals Unlimited To Its Portfolio
Zacks Investment Research | Jun 15, 2016 10:32PM ET
Premium industrial equipment company Applied Industrial Technologies, Inc. (NYSE:AIT) acquired Seals Unlimited for an undisclosed amount.
Burlington, Ontario-based Seals Unlimited is a popular distributor of hose, fastener and sealing products. The company also provides premium consulting and engineering support services to various industries such as water filtration, power generation, aerospace, plastics and steel.
The Seals Unlimited takeover is expected to strengthen Applied Industrial’s power transmission and bearings business in Eastern Canada. Post acquisition, Seals Unlimited would operate as a wholly owned subsidiary of Applied Industrial but will retain its current name.
As on Jun 15, 2016 the share price of Applied Industrial stood at $45.41. We expect this buyout news will manage to boost investor’s confidence in the stock.
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