Applied Industrial Technologies Buys Ira Pump & Supply

(RTTNews) - Applied Industrial Technologies, Inc. (AIT) said Tuesday that it has bought Ira Pump & Supply Co., Inc., a supplier to the upstream oil and gas industry in West Texas, including service to the Permian Basin.

Terms of the deal were not disclosed; however, the deal will increase Applied's current sales run rate by 2% and will 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.