Park-Ohio Holdings Corp. reported Supply Technologies revenue, including fasteners, increased 10.6% to $155.1 million in the third quarter of 2018. Segment operating income grew 10.8% to $11.3 million.

Overall Park-Ohio sales gained 18% to $414.3 million in Q3, with net income growing 42% to $14.2 million.

“Our strong year continued with record third quarter revenues and earnings,” stated CEO Matthew Crawford. “We continue to invest vigorously in our businesses and are currently launching our third new manufacturing facility in the last twelve months.”

In October, Park-Ohio acquired Hydrapower Dynamics Ltd. for $8 million in cash. Headquartered in Birmingham, England, Hydrapower is a manufacturer of fluid handling systems incorporating hoses, manipulated tubes and fabricated assemblies for the bus and truck, automotive, agricultural and construction end markets.

“The acquisition of Hydrapower, our third of the year, provides a strategic opportunity to grow in new market segments for Assembly Components and Supply Technologies,” Crawford added.

Supply Technologies segment revenue during the first nine months of 2018 rose 16% to $482.2 million, while segment operating profit increased 13.7% to $37.3 million. Web: PKOH.com