Park-Ohio Announces New President & COO and Director
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CLEVELAND, May 22 /PRNewswire-FirstCall/ -- (Nasdaq: PKOH) The Company's board of directors today approved a transfer in top management responsibilities, and named a highly respected Cleveland industrialist to the board:
- Dan Tyler Moore III was elected to fill a board vacancy.
Moore is an accomplished businessman who has founded a number of manufacturing companies
and has also been actively involved in various civic activities.
- Matthew V. Crawford was named President & Chief Operating Officer.
Crawford has been Senior Vice President of the Company since 2001
and a director since 1997.
"Both of these actions are very significant for Park-Ohio," said Edward F. Crawford, Chairman and Chief Executive Officer, who previously held the additional post of President and was responsible for operations.
"The continued expansion of Matthew Crawford's senior management responsibilities over the past eight years reflects the board's confidence in his leadership skills and strengths. During that time, he has been intimately involved in the planning and execution of numerous key operational and financial initiatives.
As a result, Matthew's background is ideally aligned with the company's continuing strategic evolution and future growth potential."
Crawford added, "Moreover, with the addition of Dan Moore to the board, we will benefit from the broad experience and outstanding counsel of an accomplished business and civic leader."
Matthew Crawford, 33, joined Park-Ohio as Assistant Secretary and Corporate Counsel in 1995 after serving as a corporate finance analyst with McDonald & Company Securities, Inc. for several years. He also has served as President of Crawford Group, Inc., a privately-held manufacturing business, since 1995.
Matthew Crawford holds a law degree from Cleveland-Marshall College of Law and a B.A. in finance from Miami University (Ohio). He is the son of Edward Crawford.
Moore, 63, holds numerous U.S. Patents and is chairman of Dan T. Moore Company, Inc., a 34-year-old research-and-development and acquisition entity and business incubator; Soundwich, Inc., which produces high hysterisis oil-resistant polymers for damping sheet metal engine and body components; Flow Polymers, Inc., which manufactures rubber-homogenizing aids for the tire and rubber industries; and The Coit Road Incubator, a start-up entity developing a viscoelastic energy-absorbing foam.
Moore presently serves on the boards of Invacare Corporation; Hawk Group of Companies, Inc; the Cleveland Clinic Foundation; University School; and the Cleveland Museum of Natural History.
Park-Ohio is a leading provider of supply chain logistics services, and a manufacturer of highly engineered products for industrial original equipment manufacturers. Headquartered in Cleveland, Ohio, the Company operates 23 manufacturing sites and 35 supply chain logistics facilities. Revenues in 2002 were $634 million.
This news release contains forward-looking statements that are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Among the key factors that could cause actual results to differ materially from expectations are the cyclical nature of the vehicular industry, timing of cost reductions, labor availability and stability, changes in economic and industry conditions, adverse impacts to the Company, its suppliers and customers from acts of terrorism or hostilities, the uncertainties of environmental, litigation or corporate contingencies, and changes in regulatory requirements. These and other risks and assumptions are described in the Company's reports that are available from the United States Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.
SOURCE Park-Ohio Holdings Corp.
05/22/2003
CONTACT: Robert D. Vilsack of Park-Ohio, 1-216-692-7200/
First Call Analyst: /
FCMN Contact: /
(PKOH)
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| May 22, 2003 |
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