Applied Industrial Technologies to buy Knox
Applied Industrial Technologies reached a definitive agreement to acquire Knox Oil Field Supply (Knox) of San Angelo, Texas, a supplier to the upstream oil and gas industry. The acquisition is expected to be completed by July 2014.
Knox Oil Field Supply is a family-owned and operated distributor of oilfield supplies and related services established in 1978. Products include downhole pumps, rods, valves and fittings, and general supplies. Services include pump diagnostics and repair, as well as valve repair. Knox operates from 15 locations in Texas and one in New Mexico. The business employs 140 people and has annual sales in excess of USD 100M.
"We are excited to announce the pending acquisition of Knox”, said Neil A. Schrimsher, president & CEO for Applied. "Their strong oil and gas industry knowledge, experience and market presence will enhance our product and service offering in this growing energy sector. Combined with our recent acquisitions of Reliance Industrial Products and Texas Oilpatch Services (TOPS), the addition of Knox will further bolster our position within the area of Oilfield Supplies and build on our upstream oil and gas capabilities."