ParkOhio (NASDAQ: PKOH) announced today that it has completed the
acquisition of Saet S.p.A., headquartered in Milan, Italy, for €16.7
million (approximately $20.7 million) in cash. Saet S.p.A. was owned by
Star Capital SGR S.p.A., located in Milan, Italy, and other minority
owners. The acquisition was previously announced on November 17, 2014.
Saet revenues are expected to be approximately $50 million in 2015.
Saet is a leader in the design, manufacturing and testing of induction
heating equipment and heat treat solutions. Saet operates through its
locations in Italy, China, India, and Tennessee. With over 4,000
machines installed all over the world, Saet machines are used for
hardening, tempering, and annealing for various industrial applications
in the agricultural, automotive and renewable energy markets. This
acquisition strengthens ATM's position as the global leader of induction
products and will add key technologies to an already diverse portfolio
of induction machine capabilities. ATM's worldwide network of customer
service centers and leading induction technologies are expected to
increase the sales of Saet's equipment and aftermarket products.
ParkOhio is a leading provider of supply management services and a
manufacturer of highly-engineered products. Headquartered in Cleveland,
Ohio, the Company operates 45 manufacturing sites and 55 supply chain
logistics facilities. ATM designs and manufactures world class induction
heating and melting equipment for various industries and applications
throughout the world. In addition, ATM provides a wide range of services
including laboratory process development, preventative maintenance,
equipment repair and parts, coil repair facilities, and installation
services through its locations in North America, South America, Europe,
and Asia.
This news release contains forward-looking statements, including
statements regarding future performance of the Company, that are subject
to known and unknown risks, uncertainties and other factors that may
cause our actual results, performance and achievements, or industry
results, to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
These factors that could cause actual results to differ materially from
expectations include, but are not limited to the following: our ability
to successfully integrate Saet and achieve the expected results of the
acquisition, including the acquisition being accretive; our substantial
indebtedness; the uncertainty of the global economic environment;
general business conditions and competitive factors, including pricing
pressures and product innovation; demand for our products and services;
raw material availability and pricing; fluctuations in energy costs;
component part availability and pricing; changes in our relationships
with customers and suppliers; the financial condition of our customers,
including the impact of any bankruptcies; our ability to successfully
integrate other recent and future acquisitions into existing operations;
the amounts and timing, if any, of purchases of our common stock;
changes in general domestic economic conditions such as inflation rates,
interest rates, tax rates, unemployment rates, higher labor and
healthcare costs, recessions and changing government policies, laws and
regulations, including the uncertainties related to the current global
financial crises; adverse impacts to us, our suppliers and customers
from acts of terrorism or hostilities; our ability to meet various
covenants, including financial covenants, contained in the agreements
governing our indebtedness; disruptions, uncertainties or volatility in
the credit markets that may limit our access to capital; potential
disruption due to a partial or complete reconfiguration of the European
Union; increasingly stringent domestic and foreign governmental
regulations, including those affecting the environment; inherent
uncertainties involved in assessing our potential liability for
environmental remediation-related activities; the outcome of pending and
future litigation and other claims and disputes with customers; the
outcome of the investigation being conducted by the special committee of
our Board of Directors; our dependence on the automotive and heavy-duty
truck industries, which are highly cyclical; the dependence of the
automotive industry on consumer spending, which could be lower due to
the effects of the recent financial crises; our ability to negotiate
contracts with labor unions; our dependence on key management; our
dependence on information systems; our ability to continue to pay cash
dividends; and the other factors we describe under the "Item 1A. Risk
Factors" included in the Company's annual report on Form 10-K for the
year ended December 31, 2013. Any forward-looking statement speaks only
as of the date on which such statement is made, and we undertake no
obligation to update any forward-looking statement, whether as a result
of new information, future events or otherwise, except as required by
law. In light of these and other uncertainties, the inclusion of a
forward-looking statement herein should not be regarded as a
representation by us that our plans and objectives will be achieved. The
Company assumes no obligation to update the information in this release.
Park-Ohio Holdings Corp.
Edward F. Crawford, 440-947-2000