ParkOhio Acquires Assembly Component Systems
CLEVELAND, Sept. 1 /PRNewswire-FirstCall/ -- Park-Ohio Industries, Inc., a subsidiary of Park-Ohio Holdings Corp. (Nasdaq: PKOH), today announced that its Supply Technologies (ST) business has acquired substantially all of the assets of Assembly Component Systems (ACS), a wholly owned subsidiary of Lawson Products, Inc. (Nasdaq: LAWS). ACS is a provider of supply chain management solutions for a broad range of production components through its network of service centers throughout North America. In connection with the above transaction, ST and Lawson Products have entered into a strategic alliance to collaborate on common interests relative to certain MRO products in a variety of industries.
Edward F. Crawford, Chairman and CEO, stated, "We are pleased to add to our Supply Technologies business an outstanding leadership team and a new list of customers representing some of the elite manufacturers in North America. Annual revenues from this transaction are expected to exceed $50 million per year and be immediately accretive to ParkOhio's earnings."
Lawson CEO Tom Neri said, "This divestiture will free up valuable resources for our company and generate cash for further investment in Lawson MRO, our most profitable business. We look forward to partnering with Supply Technologies in serving customers who value a combined OEM and MRO solution and the many cost and operating efficiencies."
Park-Ohio Holdings Corp. is a leading provider of supply management services and a manufacturer of highly engineered products. Headquartered in Cleveland, Ohio, the Company operates 28 manufacturing sites and 40 supply chain logistics facilities.This news release contains forward-looking statements, including statements regarding future performance of the Company and the recently acquired assets of the ACS business, that are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. These uncertainties and other factors include such things as: general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; raw material 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, including the acquisition of the ACS assets; and our ability to achieve fully the strategic and financial objectives related to the acquisition of the ACS assets and the strategic alliance with Lawson Products, including the acquisition being accretive to our earnings. Other risks and assumptions regarding forward-looking statements are described in our reports that are available from the United States Securities and Exchange Commission. 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. SOURCE Park-Ohio Holdings Corp.
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