Applied Industrial Technologies (NYSE: AIT) has signed a definitive agreement to acquire Olympus Controls Corp for an undisclosed amount.
The deal is expected to close before the end of August. Olympus Controls is an automation services provider – including design, assembly, integration, and distribution – of motion control, machine vision, and robotic technologies.
“Olympus brings to Applied a full range of value-added automation expertise, with leading technology solutions, an established geographic footprint, and strong supplier partnerships,” said Neil Schrimsher CEO for Applied. “Their addition is a strong complement to our business, further broadening our capabilities, customer opportunities and technical presence across varied industrial segments.”
Applied Industrial Technologies shares were trading down 3.2% to $52.06 at time of publication. The stock has a 52-week high of $82.35 and a 52-week low of $49.45.
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