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Applied Industrial Technologies To Acquire Olympus Controls Corp., Terms Not Disclosed

Benzinga Newsdesk      8/14/2019 5:19:02 AM

Applied Industrial Technologies (NYSE:AIT) today announced it has signed a definitive agreement to acquire Olympus Controls Corp. (“Olympus”), an automation solutions provider – including design, assembly, integration, and distribution – of motion control, machine vision, and robotic technologies. The transaction is expected to close before the end of August 2019.

“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 A. Schrimsher, President & Chief Executive Officer for Applied. “Their addition is a strong complement to our business, further broadening our capabilities, customer opportunities and technical presence across varied industrial segments.”