ParkOhio Set to Join Russell 3000® Index
June 06 2023 - 11:40AM
Business Wire
Park-Ohio Holdings Corp. (NASDAQ: PKOH) is set to join the
broad-market Russell 3000® Index at the conclusion of the 2023
Russell indexes annual reconstitution, effective after the U.S.
market opens on June 26, 2023 according to a preliminary list of
additions posted May 19, 2023.
Matthew V. Crawford, Chairman and Chief Executive Officer,
stated, “Joining the Russell 3000® Index reflects the growing
momentum from the business improvements that we have implemented,
combined with strong business activity and backlogs. Most
importantly, it demonstrates the vigorous commitment of ParkOhio’s
global team members. Additionally, joining the Russell 3000® Index
provides ParkOhio with increased visibility and access to a wider
investor base.”
Annual Russell indexes reconstitution captures the 4,000 largest
U.S. stocks as of April 28, 2023 ranking them by total market
capitalization. Membership in the U.S. all-cap Russell 3000® Index,
which remains in place for one year, means automatic inclusion in
the large-cap Russell 1000® Index or small-cap Russell 2000® Index
as well as the appropriate growth and value style indexes. FTSE
Russell determines membership for its Russell indexes primarily by
objective, market-capitalization rankings, and style
attributes.
Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for
active investment strategies. Approximately $12.1 trillion in
assets are benchmarked against Russell’s U.S. indexes. Russell
indexes are part of the FTSE Russell, a leading global index
provider.
For more information on the Russell 3000® Index and the Russell
indexes reconstitution, go to the “Russell Reconstitution” section
on the FTSE Russell website.
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 130
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 ability to consummate the sale of
our Aluminum Products business for any reason, including the
inability to enter into a definitive purchase agreement; the
ultimate impact the COVID-19 pandemic has on our business, results
of operations, financial position and liquidity, including, without
limitation, supply chain issues such as the global semiconductor
micro-chip shortage and logistic issues; our substantial
indebtedness; the uncertainty of the global economic environment,
including any recession; general business conditions and
competitive factors, including pricing pressures and product
innovation; demand for our products and services; the impact of
labor disturbances affecting our customers; 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, including the conflict between
Russia and Ukraine, or political unrest, including the rising
tension between China and the United States; public health issues,
including the outbreak of COVID-19 and its impact on our facilities
and operations and our customers and suppliers; 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
timing and amount of any such 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, 2022.
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.
FTSE Russell is a global index leader that provides innovative
benchmarking, analytics and data solutions for investors worldwide.
FTSE Russell calculates thousands of indexes that measure and
benchmark markets and asset classes in more than 70 countries,
covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively
by institutional and retail investors globally. Approximately $20.1
trillion is currently benchmarked to FTSE Russell indexes. For over
30 years, leading asset owners, asset managers, ETF providers and
investment banks have chosen FTSE Russell indexes to benchmark
their investment performance and create ETFs, structured products
and index-based derivatives.
A core set of universal principles guides FTSE Russell index
design and management: a transparent rules-based methodology is
informed by independent committees of leading market participants.
FTSE Russell is focused on applying the highest industry standards
in index design and governance and embraces the IOSCO Principles.
FTSE Russell is also focused on index innovation and customer
partnerships as it seeks to enhance the breadth, depth and reach of
its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230606005830/en/
MATTHEW V. CRAWFORD PARK-OHIO HOLDINGS CORP. (440) 947-2000
Park Ohio (NASDAQ:PKOH)
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