Cleveland, OH – Applied Industrial Technologies announced it has acquired Texas Oilpatch Services Corporation (TOPS) of Houston, Texas. TOPS is a distributor of bearings, oil seals, power transmission products, and related replacement parts to the oilfield industry. While the terms of the sale were not disclosed, the transaction will be accretive in the current fiscal year.
“The addition of TOPS enhances our capabilities to serve the oil & gas market by providing added O&G industry expertise and experience,” said Neil A. Schrimsher, President & Chief Executive Officer for Applied®. “Overall, TOPS is an excellent complement to Applied, offering additional opportunities for energy market growth.”
Todd A. Barlett, Applied’s Vice President – Acquisitions and Global Business Development, added, “We are very pleased to add TOPS and its knowledgeable team of associates to our Company. We believe they are an ideal fit with our business strategy and growth plans.”