By: CRAIN'S CLEVELAND BUSINESS
April 30, 2013
CLEVELAND — Park-Ohio Holdings Corp. said its Fluid Routing Solutions business has acquired most of the assets of Bates Acquisition LLC and Bates Real Estate Acquisition LLC of Lobelville, Tenn.
Park-Ohio did not say what it paid for Bates, which makes extrusion, formed and molded products including air and fluid transfer hoses and assemblies, emission management subsystems, thermoplastic hose and molded components and gaskets for the transportation and industrial markets.
In commenting on the transaction, Edward F. Crawford, Park-Ohio chairman and CEO, 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 work force," Mr. Crawford said. "We expect the annual revenues from Bates to exceed $45 million and be accretive to Park-Ohio earnings."
Cleveland-based Park-Ohio is a provider of supply management services and a maker of engineered products. It operates 37 manufacturing sites and 45 supply chain logistics facilities throughout North America, Europe and Asia.