Applied Industrial Technologies, Inc. (NYSE: AIT) was founded in 1923 and is headquartered in Cleveland, Ohio, USA. It has 5,840 full-time employees. It is a mechanical engineering company for industrial rubber components, power transmission components, pneumatic equipment components, etc. the company.
Applied Industrial Technologies (AIT):
Applied Industrial Technologies is an industrial products company, which produces products including industrial bearings, industrial rubber components, power transmission components, pneumatic equipment components, etc. In addition, the company also provides mechanical engineering design and electrical, gear equipment and materials. Processing system assembly service.
Historical evolution of Applied Industrial Technologies (AIT):
- In 1923, Joseph M. Bruening founded Applied Industrial Technologies, which later changed its name to Ohio Ball Bearing Company;
- In 1953, Ball Bearing Company acquired Dixie Bearings, Inc., King Bearing, Inc., Mainline Industrial Distributors, Inc., and later changed its name to Bearings, Inc.;
- In 1995, Bearings, Inc.’s revenue exceeded $1 billion for the first time;
- In 1996, Bearings, Inc. acquired Engineered Sales, Inc.;
- In 1997, Bearings, Inc. acquired Invetech Company, the parent company of Detroit Ball Bearing, American Bearing and Power Transmission, Moore Bearing, Kentucky Bearing Service and Hewitt Transmission;
- In 1997, Bearings, Inc. changed its name back to Applied Industrial Technologies;
- Since 1998, Applied Industrial Technologies has successively acquired Minnesota Bearing Company and Cincinnati Transmission in the United States; Rafael Benitez Carrillo in Puerto Rico; Baleros Industriales, SA de CV, Rodamientos y Bandas de la Laguna, SA de CV, VYCMEX SA de CV, Suministros Industriales Enol , SA de CV; Canada Bearing & Transmission, B & T Rubber, HyPOWER Systems, Industrial Equipment Co. Ltd., Groupe GLM; and other companies including Spencer Industries, Inc., Bay Advanced Technologies, Carolina Fluid Components, DTS Fluid Power, FluidTech, Hughes HiTech, Hydro Air and Power Systems, etc.