Angola Manufacturer Acquired
Cleveland-based ParkOhio has acquired an Angola company in a $48 million deal. Autoform Tool & Manufacturing Inc. makes specialty tools and fuel injection components.
October 13, 2014
News release
Cleveland, Ohio — ParkOhio (NASDAQ: PKOH) today announced that it has acquired Autoform Tool & Manufacturing, Inc. (ATM), headquartered in Angola, Indiana, for its Assembly Components segment in an all-cash transaction valued at $48.2 million. ATM is an important supplier of high pressure fuel rails and high and low pressure fuel lines used in Gasoline Direct Injection (GDI) systems utilized by automotive and truck manufacturers.
Edward F. Crawford, Chairman and Chief Executive Officer, stated: “Autoform Tool is a leader in gas injection technology, which reduces CO2 emissions and increases engine efficiency. We expect ATM's annual revenues to exceed $70 million in 2015 and be accretive to earnings.”
ParkOhio is a leading provider of supply management services and a manufacturer of highly-engineered products. Headquartered in Cleveland, Ohio, the Company operates 41 manufacturing sites and 55 supply chain logistics facilities.
Source: ParkOhio