ParkOhio Acquires Heads & All Threads Ltd. to Enhance Their Global Footprint
October 05 2017 - 8:40AM
Business Wire
- Direct strategic complement to
Supply Technologies business
- Acquisition brings strong global
customer relationships with opportunities for future
growth
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. CrawfordPark-Ohio Holdings440-947-2000
Park Ohio (NASDAQ:PKOH)
Historical Stock Chart
From Aug 2024 to Sep 2024
Park Ohio (NASDAQ:PKOH)
Historical Stock Chart
From Sep 2023 to Sep 2024