Park-Ohio CEO Comments on Recent Amcast Components Acquisition |
CLEVELAND – August 26, 2004 – Park-Ohio Holdings Corp. (Nasdaq: PKOH) today announced the comments of Edward F. Crawford, Chairman and CEO, who stated, “Our new customers and employees are enthusiastic about the acquisition, which should substantially enhance the profitability and strategic positioning of General Aluminum. We gained several important customers and expanded our product lines into safety critical components. We are pleased with the overall strength and potential of the combined businesses. The state-of-the-art equipment, additional capacity, and more highly engineered product lines purchased for $10 million in cash, and the assumption of certain operating liabilities, will place General Aluminum in a leadership role in the expanding aluminum components industry.”
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 24 manufacturing sites and 32 supply chain logistics facilities. Visit the Company Web site at http://www.pkoh.com for more information.
This news release contains forward-looking statements regarding the Company’s plans and financial performance that are subject to certain risks, uncertainties and assumptions, including, without limitation, the financial impact of the acquisition of the Amcast Automotive Components Group. 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, changes in regulatory requirements, and the ability of the Company to successfully integrate the operations and identify and implement cost savings regarding the Amcast Automotive Components Group. 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.
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Aug 26, 2004 |
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