Page 4 - 2018 Annual Report

1923
Founded as
The Ohio Ball Bearing Company in Cleveland, Ohio, by Joseph M. Bruening
1927
Established branches in Youngstown, Ohio, followed by branches in Cincinnati, Akron & Columbus, Ohio
1940
Company operations totaled 6 stores &
50 employees
1952
Merged with Pennsylvania Bearings, Indiana Bearings & West Virginia Bearings; became known as Bearing Specialists, Inc.
1957
1967
Completed new building for the repair of high-speed spindles & live centers
1972
Opened first distribution center in Cleveland, Ohio; sales exceeded $100 million for the first time
STRONG FOUNDATION
Acquired Dixie Bearings, Inc., the first subsidiary of Bearings, Inc.
1923 1924 1925 1926 1927 1937 1938 1939 1940 1947 1952 1953 1957 1965 1966 1967 1968 1972 1973 1974 1975 19
1924
Company shifted focus from auto & truck products to broader market of bearings for industrial products
1937
First branch outside of Ohio established in Indianapolis, Indiana
1947
Opened first branch in the South, known as Tennessee Bearings
1965
Established subsidiary Bruening Bearings, Inc.; Company’s stock listed on NYSE as BER
1973
Celebrated 50th anniversary
1974
1953
1968
Opened
9 new service centers bringing total to 131 in 25 states
Changed Company name to Bearings, Inc.; began trading on American Stock Exchange
Acquired Bearing Sales & Service; increased servicing locations to 109
Strengthening
Our Differentiated Capabilities
Our fiscal 2018 results reflect broad-based execution across our business groups and a productive economic market environment. Supported by our dedicated associates, enhanced business systems, strategic investments and best-in-class suppliers, we continue
to strengthen our differentiated industrial distribution capabilities, including our critical core products offering, expanding value-added services, leadership in engineered fluid power solutions, growing geographic reach, and channels to market.
The acquisition of FCX Performance, Inc. in January 2018 is among the most significant achievements of the fiscal year, bringing to Applied market leading, value-added specialty flow control expertise with premier brands, high- touch technical service, an extensive footprint, and strong customer relationships. As a leading distributor of specialty process flow control products and services,
FCX’s comprehensive value-added solutions help customers improve cost productivity, reduce downtime, increase efficiency, and effectively meet regulatory compliance standards. Together, our combined resources make Applied a leading technical solutions provider with significant opportunities for growth.
Bolstering
Our Information & Technology
In addition to strategic acquisitions that bolster our product and service offering, investments in information and technology are vital to our growth, competitiveness, and future success. We recognize the importance of technology in managing operations and improving process efficiencies, and our ongoing ERP consolidations
and business systems upgrades are paving the way
toward stronger customer experiences and operating performance. Through digital applications, such as our Applied.com website, and other external and internal online portals including our mobile applications, we are providing customers, suppliers and associates access to information that deepens our business relationships, provides greater engagement, and enhances our ability to serve.
In fiscal 2018 we introduced SAP® Jam – an internal collaboration platform for social learning throughout Applied. Jam provides relevant and searchable content that is mobile-friendly, encourages sharing, and promotes teamwork. Today, we utilize a Learning Management System, a modern social learning platform, and strong learning data analytics to provide a powerful online connection to help manage talent. These data-driven programs engage our associates and visualize metrics
to reinforce actions on key performance indicators and operational excellence initiatives that increase productivity and promote accountability.
Attracting
& Developing Great Talent
Together with our enhanced Human Resource information system, we have improved insight into career development, performance management and succession planning to further develop our associates, link talent to business strategy, and deliver on our business commitments.
We firmly believe The Best Team Wins... and to maintain success, we will continue to attract and develop great talent.
We were proud to be recognized by Forbes as one of America’s Best Mid-Size Employers for 2018, and for the 18th year, our headquarters was named one of the best workplaces for top talent in Northeast Ohio. We enhanced
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