ParkOhio (NASDAQ: PKOH) announced today that it has acquired Heads & All
Threads Ltd. (HAT), headquartered in Birmingham, United Kingdom. HAT,
founded in 1986, is a leading European supplier of supply chain
management services and has operations in the UK, Czech Republic,
Poland, and India. HAT specializes in developing vendor-managed
inventory programs of fasteners, machined parts, and other class C
components to many end markets, including construction, automotive and
various EMS markets.
Edward F. Crawford, Chairman and Chief Executive Officer, stated, "The
strategic acquisition of Heads & All Threads, with annual revenues of
approximately $35 million, will immediately be accretive to earnings.
HAT has an impressive history of sales growth and will strengthen our
market position for supply chain management services."
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 63 manufacturing sites and 65 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 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 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 those related to the current global uncertainties and 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 or import and export controls
and other trade barriers; 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 "Item 1A. Risk Factors" included in the Company's Annual
Report on Form 10-K for the year ended December 31, 2016. 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/20171005005165/en/
Edward F. Crawford
Park-Ohio Holdings
440-947-2000
