Saskatoon, Sask. — Oct. 8, 2002 — Applied Industrial Technologies Ltd. of Saskatoon, Sask., yesterday completed the acquisition of the distribution business of Industrial Equipment Co. Ltd. (IECO), a privately held distributor based in Vancouver, B.C.
IECO distributes a full range of industrial products, including bearings, power transmission components, seals, hose, filtration products and fluid power products. The acquisition includes 16 facilities throughout British Columbia and Alberta. Together in 2001, these facilities generated sales of more than C$35million.
“The addition of IECO significantly enhances our ability to serve the needs of customers in the western Canadian marketplace,” said Todd A. Barlett, Applied’s vice president, global business development.
“IECO’s reputation for high quality products and service, and its expertise in serving the forest products, oil and gas, and mining industries, will allow us to maximize the value we bring to Canadian customers.”
Headquartered in Saskatoon, Sask., Applied Industrial Technologies Ltd., a wholly-owned subsidiary of Cleveland, Ohio-based Applied Industrial Technologies, operates 36 service centres and one distribution centre throughout five provinces.
The company operates under the names Bearing & Transmission, B & T Rubber and HyPOWER Systems (acquired under a previous buyout of another Canadian distributor in western Canada). Applied employs more than 340 people in Canada.
For its fiscal year ended June 30, 2002, the parent company posted sales of $1.45 billion.