6/11/2014 3:49:00 AM
NEWS BRIEFS
Park-Ohio Acquires Apollo Aerospace Group
2013 Supply Tech Results
In 2013 Park-Ohio’s Supply Technologies revenue, including fasteners, declined 3.6% to $471.9 million, due to a 13% decline in volume associated with the heavy-duty truck market and a 25% decline in volume associated with the defense industry market.
Segment profit fell 5% to $35.9 million, while segment income margin declined to 7.6% from 7.8%.
Overall Park-Ohio sales climbed 6% to $1.2 billion during 2013, with full-year income increasing 12.6% to $86.5 million and net income rose 38% to $43.9 million.
Park-Ohio Holdings Corp. (NASDAQ:PKOH) announced that its Supply Technologies (ST) business has acquired the Apollo Aerospace Group headquartered in West Midlands, England, with operating locations in England, France, Poland, and India.
Apollo is a supply chain management services company providing fasteners and Class C production components and supply chain solutions to aerospace customers worldwide. Web: apolloaerospacecomponents.com
“Apollo is a dynamic business based in the euro zone with significant management experience in the aerospace industry,” stated Park-Ohio CEO Edward F. Crawford. “Our Supply Technology business will benefit from Apollo’s strong customer and supplier relationships. Our ability to provide customized programs for replenishment should be an attractive proposition to aerospace customers around the world.”
Park-Ohio provides supply management services and a manufacturer of highly-engineered products. Headquartered in Cleveland, Ohio, the company operates 40 manufacturing sites and 52 supply chain logistics facilities.
Cleveland-based Supply Technologies provides logistics services for 190,000 production components, including fasteners, to OEMs and distributors.
Supply Technologies has more than 1,500 employees at logistics service centers in the U.S., Mexico, Canada, Puerto Rico, Scotland, Hungary, China, Taiwan, Singapore and India.
Related Stories:
• B/E Aerospace to Create Two Separate Companies
• Fastener Companies See Growth Opportunities
• Hagan Announces the Top Ten Fastener Company Acquisitions of 2013
Related Links:
Share: