ParkOhio reaches agreement in principal to acquire Erie Press Systems

ParkOhio, a leading provider of supply chain management services and highly-engineered manufactured products, announced today that it has reached an agreement in principal to acquire EFCO, Inc. d/b/a Erie Press Systems (Erie Press), headquartered in Erie, Pennsylvania. Erie Press is an industry recognized leader in the manufacturing of advanced forging presses, hydraulic and mechanical presses, and metal stretch-forming and carbon extrusion machines for several end markets, including aerospace and defense, primary metals and high-speed rail.

Edward F. Crawford, President, stated, "The acquisition of Erie Press, with annual revenues of approximately $20 million, will be immediately accretive to earnings. Erie Press has an impressive history of designing and building engineered-to-order equipment for the aerospace and other industries for over 120 years and is a complement to our Engineered Products forging strategy."

The deal is subject to a definitive agreement with customary closing conditions. The transaction is expected to close in the second quarter of 2019.