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.
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|Erie Press Systems, L&F Division||Forming, Stretch-Wrap Forming Machines|
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|Sheet Metal Processes|