ParkOhio Acquires the Assets of Bates Acquisition, LLC and Bates Real Estate Acquisition, LLC
CLEVELAND, April 29, 2013 /PRNewswire/ -- Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced that its Fluid Routing Solutions (FRS) business has acquired substantially all of the assets of Bates Acquisition, LLC and Bates Real Estate Acquisition, LLC. Bates, located in Lobelville, Tennessee, is a manufacturer of extrusion, formed, and molded products including air/fluid transfer hoses and assemblies, emission management subsystems, thermoplastic hose and molded components and gaskets for transportation and industrial applications.
Edward F. Crawford, Chairman and Chief Executive Officer, stated, "Bates is another example of a look-alike acquisition that fits with Park-Ohio's current goal of growing its three business silos. Bates has been in the business over 40 years and has been servicing a great list of customers with an experienced workforce. We expect the annual revenues from Bates to exceed $45 million and be accretive to Park-Ohio earnings."
Park-Ohio is a leading provider of supply management services and a manufacturer of highly-engineered products. Headquartered in Cleveland, Ohio, the Company operates 37 manufacturing sites and 45 supply chain logistics facilities throughout North America, Europe and Asia.
This news release contains forward-looking statements, including statements regarding future performance of the Company 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.
Among the key factors that could cause actual results to differ materially from expectations are: the cyclical nature of the vehicle industry; timing of cost reductions; labor availability and stability; changes in economic and industry conditions; adverse impacts to the Company, its suppliers and customers from acts of terrorism or hostilities; the financial condition of the Company's customers and suppliers, including the impact of any bankruptcies; the Company's ability to successfully integrate the operations of acquired companies; the uncertainties of environmental, litigation or corporate contingencies; the amounts and timing, if any, of purchases of the Company's common stock; and changes in regulatory requirements. These and other risks and assumptions are described in the Company's reports that are available from the United States Securities and Exchange Commission. The Company assumes no obligation to update the information in this release.
SOURCE Park-Ohio Holdings Corp.