Applied Industrial to Buy FCX for $768 Million to Add Valves

Applied Industrial Technologies plans to buy closely held FCX Performance Inc. for $768 million to add a line-up of industrial valves, pumps and instruments to gain scale amid rising demand.

The acquisition will be financed by a $780 million term loan and a $250 million revolving credit facility and is expected to close in 30 days, Cleveland-based Applied Industrial said Jan. 9 in a statement. The business will contribute about $68 million in earnings before interest, taxes, depreciation and amortization and $550 million in revenue in its first year, excluding the costs of the deal, it said.

AIT’s products include ...