Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced that A. Malachi
Mixon III, notified the Company that he will not stand for re-election
as a member of the Board of Directors of the Company at its 2017 annual
meeting of shareholders and will retire from the Board effective May 11,
2017.
"We thank Mal for his long tenure and dedicated service to the Company.
We will miss his intellect and tireless efforts to increase revenues and
the international presence of the Company," said Edward F. Crawford,
ParkOhio's Chairman and CEO.
ParkOhio is a diversified international company providing world class
customers with a supply chain management outsourcing service, capital
equipment used on their production lines, and manufactured components
used to assemble their products. Headquartered in Cleveland, Ohio,
ParkOhio operates 45 manufacturing sites and 54 supply chain logistics
facilities, through three reportable segments: Supply Technologies,
Assembly Components and Engineered Products.
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 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; 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; 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 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; 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, 2015. 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/20170207006477/en/
Park-Ohio Holdings Corp.
Edward F. Crawford, 440-947-2000