On Thursday, Applied Industrial Technologies (NYSE: AIT), Cleveland, Ohio, announced it had acquired R.R. Floody Company. Rockford, Illinois-based Floody is a provider of automation products, services, and engineered solutions focused on machine vision, mobile and collaborative robotics, motion control, material handling, and digital capabilities.
Floody’s team of 18 associates operates from one location and serves customers primarily across the consumer packaging, food and beverage, pharmaceutical, medical technology, and general industrial industries. Terms of the deal were not disclosed.
“We are pleased to announce the addition of the R.R. Floody Company, which further enhances our growing automation offering focused on next generation technologies,” said Applied President and CEO Neil Skirmisher. “Floody has a strong presence across the U.S. Midwest market and brings valuable and innovative capabilities in advanced facility automation with a focus on machine vision.
“Floody’s engineered solutions and technical expertise align with our overall strategy and provide further momentum to our scaling automation position into early fiscal 2022. We welcome Floody to Applied and look forward to their contributions going forward.”
On Tuesday, Applied Industrial Technologies reported fourth-quarter net sales of $895 million, which was an increase of 23.6% year-over-year. In the fourth quarter, the company reported net income of $59.24 million or $1.51 per share, compared to $29.99 million or $0.77 per share in the prior-year quarter.
For the full fiscal year, Applied Industrial Technologies’ 2021 sales were $3.24 billion, a decrease of 0.3% compared to last year. Operating profit of $205 million exceeded last year’s $89 million, while total 2021 net profit of $145 million easily beat 2020’s $24 million.
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