Applied Industrial Technologies, Inc. (NYSE:AIT) acquired Bearing Distributors, Inc. for $18 million on September 1, 2023.

Applied Industrial Technologies, Inc. (NYSE:AIT) completed the acquisition of Bearing Distributors, Inc. on September 1, 2023. The purchase price for the acquisition was $18 million which includes $1.8 million of acquisition holdback payments, which will paid on the first and second anniversaries of the acquisition date with interest at a fixed rate of 3.0 % per annum. The Company funded this acquisition using available cash.