Applied Industrial Technologies Completes Acquisition of SKF’s…

CLEVELAND, Aug. 1, 2012 /PRNewswire-AsiaNet/ –

Applied Industrial Technologies (NYSE: AIT) announced today it has finalized
the acquisition of SKF Group’s company-owned distribution business in Australia
and New Zealand ("SKF Distribution").

The SKF Distribution acquisition expands Applied’s global capabilities, adding
29 service centers in Australia and eight in New Zealand, supported by a
central warehouse in each country and a headquarters in Melbourne. As one of
the largest bearing suppliers in these markets, SKF Distribution also supplies
seals, lubrication products, and power transmission products. The businesses
employ more than 200 people and have an annual sales run rate of approximately
US$83 million.

Neil A. Schrimsher, Applied’s Chief Executive Officer, said, "We are excited to
expand our global reach with this strategic acquisition which will be accretive
in the first year. Australia and New Zealand are attractive markets with
growing economies. Considering the products offered, the vertical markets
served, the operational capabilities, and the shared commitment to providing
value-added solutions to our customers, the SKF businesses are an excellent
fit."

He continued, "We see significant growth prospects through the addition of
complementary product lines and solutions. Moreover, we go into this
integration with SKF – a strategic vendor partner that has always been one of
our largest suppliers."

Todd A. Barlett, Vice President – Acquisitions and Global Business Development,
said, "The SKF businesses offer us a new foundation for growth. The 37
locations provide broad geographic coverage with strong positions in mining,
steel, pulp and paper, forestry, agriculture, construction, food and beverage,
and other vertical markets. The businesses have significant preferred supplier
arrangements with major customers and enjoy a solid reputation as a solutions
provider."

About Applied
With approximately 500 facilities and 4,900 employee associates, Applied
Industrial Technologies is a leading industrial distributor that offers more
than 4 million parts to serve the needs of MRO and OEM customers in virtually
every industry. In addition, Applied provides engineering, design and systems
integration for industrial and fluid power applications, as well as customized
mechanical, fabricated rubber and fluid power shop services. Applied also
offers maintenance training and inventory and storeroom management solutions
that provide added value to its customers. Applied can be visited on the
Internet at http://www.applied.com.

About SKF
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication
systems, and services which include technical support, maintenance and
reliability services, engineering consulting and training. SKF is represented
in more than 130 countries and has over 15,000 distributor locations worldwide.
Annual sales in 2011 were SEK 66,216 million and the number of employees was
46,039. Visit SKF at http://www.skf.com.

This press release contains statements that are forward-looking, as that term
is defined by the Securities and Exchange Commission in its rules, regulations
and releases. Forward-looking statements are often identified by qualifiers
such as "will," "see" and similar expressions. Applied intends that such
forward-looking statements be subject to the safe harbors created thereby.
Although Applied believes its expectations are based on reasonable assumptions
by management, Applied cannot assure that the expectations reflected in this
document will be achieved because they are subject to risks and uncertainties
that are difficult to predict and may be outside of Applied’s control. These
risks and uncertainties include the possibility that the benefits anticipated
from the transaction will not be fully realized, as well as the possibility the
transaction may not close. All forward-looking statements are also based on
current expectations regarding important risk factors including trends in the
industrial sector of the economy, and other risk factors identified in
Applied’s most recent periodic report and other filings made with the
Securities and Exchange Commission. Accordingly, actual results may differ
materially from those expressed, projected or implied in the forward-looking
statements, and the making of such statements should not be regarded as a
representation by Applied or any other person that the results expressed
therein will be achieved. Applied assumes no obligation to update publicly or
revise any forward-looking statements, whether due to new information, or
events, or otherwise, except as required by law.

SOURCE: Applied Industrial Technologies

CONTACT: Julie Kho,
Applied Industrial Technologies,
1 Applied Plaza, Cleveland,
OH 44115-5020,
+1-216-426-4483,
jkho@applied.com