Apex takes on acquisition strategy to scale its automated offerings business
In August 2021, Applied Industrial Technologies acquired Illinois-based R.R. Foody Company, expanding the company’s automation offering. The purchase marks the company’s fourth acquisition to its automation business in a two-year period. In January 2021, the company acquired Gibson Engineering Company, Inc. (Gibson), which extended the company’s offerings in the automation technology space. The acquisitions align with the company’s strategy to scale its automation position early in its 2022 fiscal year.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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