Engineered products and supply management services provider Park-Ohio Holding (NASDAQ:PKOH) said it was making a "look-alike" acquisition of molded products maker Bates for an undisclosed sum of money.
Park-Ohio is headquartered in Cleveland and operates 37 manufacturing sites and 45 supply chain logistics facilities throughout North America, Europe, and Asia. Bates is a manufacturer of extrusion, formed, and molded products for transportation and industrial applications.
Park-Ohio Chairman and CEO Edward F. Crawford said: "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."
The diversified products maker was founded in 1961 and has 3,600 employees. Park-Ohio had $1.1 billion in revenues in 2012.
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