Applied Industrial Technologies acquires Ira Pump
Applied Industrial Technologies acquired Ira Pump & Supply Co. (Ira Pump), a supplier to the upstream oil and gas industry in West Texas, including service to the Permian Basin. Terms of the sale were not disclosed; however, the transaction is expected to increase Applied's current sales run rate by 2% and would be accretive in the current fiscal year.
Ira Pump is a family-owned and operated distributor of oilfield pumps and supplies including valves, pipe fittings, V-belts, hoses and related products. The company also has full-service downhole rod pump repair and assembly shops, and offers sales and repairs of tubing anchors, turbine flow meters and on-site connection storage trailers.
"We are pleased to further strengthen our O&G product and service offering with the addition of Ira Pump”, said Neil A. Schrimsher, president & CEO for Applied. "The company has strong industry knowledge, experience and capabilities, and we are excited about the synergy opportunities across our O&G businesses."
Todd A. Barlett, Applied's vice president – Acquisitions and Global Business Development, added, "Ira Pump has a strong reputation and is an excellent fit for Applied, complementing our existing West Texas coverage and providing an expanded customer base for our bearings, power transmission, fluid power and fluid conveyance products."