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AIT > SEC Filings for AIT > Form 8-K on 27-May-2014All Recent SEC Filings

Show all filings for APPLIED INDUSTRIAL TECHNOLOGIES INC

Form 8-K for APPLIED INDUSTRIAL TECHNOLOGIES INC


27-May-2014

Entry into a Material Definitive Agreement, Financial Stateme


Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On May 23, 2014, Applied Industrial Technologies, Inc. ("Applied") entered into a Stock Purchase Agreement (the "Agreement") with Alex Dan Knox ("Dan") and Dayton Scott Knox ("Scott"). Each of Dan and Scott is a "Seller" and together are "Sellers."

Pursuant to the Agreement, Applied will acquire all of the issued and outstanding shares of Knox Oil Field Supply, Inc. ("Knox") for an aggregate purchase price of $132.82 million United States dollars ($132,820,000) subject to certain adjustments and holdbacks. The acquisition is expected to be completed around July 1, 2014, upon expiration of the Hart-Scott-Rodino waiting period and satisfaction of certain other customary conditions.

Applied and Sellers have made representations, warranties, covenants and indemnities in the Agreement that are customary in transactions of this type.

Knox provides parts and repair, installation and maintenance services and supplies to the upstream oil and gas industry.

The foregoing summary of the Agreement is qualified in its entirety by the terms and conditions of the Agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

10.1 Stock Purchase Agreement made as of May 23, 2014, by and between Applied Industrial Technologies, Inc. and Sellers.

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