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Applied Industrial Technologies, Inc. (AIT) - free report >>
Nordson Corporation (NDSN) - free report >>
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Applied Industrial Adds Seals Unlimited to its Portfolio
Premium industrial equipment company Applied Industrial Technologies, Inc. (AIT - Free Report) 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.
APPLD INDL TECH Price and Consensus
APPLD INDL TECH Price and Consensus | APPLD INDL TECH Quote
Growth Prospects
Applied Industrial Technologies, which holds more than 560 business facilities, sells roughly five million industrial equipment parts annually to customers across all industries. Additionally, the company offers services like integration, designing and engineering of fluid power applications. It is also a popular customized mechanical and fluid power store services provider. This apart, the company offers specialized storage management solutions. The company constantly endeavors to augment its customer value with better products and services. The Seals Unlimited buyout would thus be accretive to the company’s offer value-added services and solutions in the domain of sealing market applications and products.
Stocks to Consider
Applied Industrial presently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same industry include Gorman-Rupp Co. (GRC - Free Report) , Kadant Inc. (KAI - Free Report) and Nordson Corporation (NDSN - Free Report) . All three companies currently hold a Zacks Rank #2 (Buy).
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