ParkOhio (NASDAQ: PKOH), a leading provider of supply chain management
services and highly-engineered manufactured products, announced today
that, after 26 years as Chairman and Chief Executive Officer of
Park-Ohio Holdings Corp., Mr. Edward F. Crawford has resigned as an
Officer and Board Member, effective June 17, 2019, to assume the
responsibility as the U.S. Ambassador to the Republic of Ireland.
ParkOhio will continue to advance in numerous channels led by the
current Chairman and Chief Executive Officer, Matthew V. Crawford.
Edward F. Crawford stated, "I would like to take this opportunity to
thank all the stakeholders for supporting a vision resulting in the
evolution of a great Company."
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 more than 125 manufacturing sites and supply chain
logistics facilities worldwide, 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 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, such as tariffs and surcharges; 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; 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, 2018. 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: https://www.businesswire.com/news/home/20190618006027/en/
Matthew Crawford
Park-Ohio Holdings Corp.
(440) 947-2000
