ParkOhio (NASDAQ: PKOH) announced today that Moody's Investors Service,
Inc. ("Moody's") has upgraded ParkOhio's Corporate Family Rating from B2
to B1. Moody's noted the upgrade reflects ParkOhio's growing size and
scale, with revenues to exceed $1.5 billion in 2015 while improving its
credit profile. The upgrade further reflects Moody's expectations that
ParkOhio will continue to see improved operating performance and strong
demand in most of its end markets.
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.
This news release contains forward-looking statements, including
statements regarding future performance of the Company 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.
These forward-looking statements involve 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
acquired companies and achieve the expected results of such
acquisitions; 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 any 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 review 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, 2014. 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150520006557/en/
PARK-OHIO HOLDINGS CORP.
EDWARD F. CRAWFORD, 440-947-2000