July 24, 2016 5:37 PM ET


Company Overview of Park-Ohio Industries Inc.

Company Overview

Park-Ohio Industries, Inc. engages in industrial supply chain logistics and diversified manufacturing businesses. The company’s Supply Technologies segment provides Total Supply Management services, such as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing, and technical support for supplying production parts and materials; production components, including valves, electro-mechanical hardware, labels, fittings, steering components, and others; spare parts and aftermarket products; and precision cold formed and cold extruded products. Its Ass...

6065 Parkland Boulevard

Cleveland, OH 44124

United States

Founded in 1984

6,000 Employees





Key Executives for Park-Ohio Industries Inc.

Chairman and Chief Executive Officer
Age: 76
President, Chief Operating Officer and Director
Age: 46
Chief Financial Officer, Principal Accounting Officer and Vice President
Age: 55
Age: 55
Compensation as of Fiscal Year 2016.

Park-Ohio Industries Inc. Key Developments

Park-Ohio Industries Inc. Enters into Sixth Amended and Restated Credit Agreement with other Loan Parties

On April 22, 2016, Park-Ohio Industries Inc., and certain of the company's wholly owned direct and indirect subsidiaries entered into Amendment No. 4 to the Sixth Amended and Restated Credit Agreement with the other loan parties thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Agent, JP Morgan Europe Limited, as European Agent, RBS Business Capital, as Syndication Agent, KeyBank National Association and First National Bank of Pennsylvania, as Co-Documentation Agents, U.S. Bank National Association, as Co-Documentation Agent and Joint Bookrunner, PNC Bank, National Association, as Joint Bookrunner, and J.P. Morgan Securities Inc., as Sole Lead Arranger and Bookrunning Manager. The Amendment, among other things, provides for an increase in the revolving credit facility of $25 million for a total facility commitment of $300 million; and a temporary increase in the inventory advance rates from 50% to 65%, which reduces back to 50% on a pro-rata quarterly basis over 48 months commencing on July 1, 2016. The revolving credit facility includes a Canadian sub-limit in the amount of $35.0 million and a European sub-limit in the amount of $25.0 million for borrowing in those locations. Borrowings under the Credit Agreement mature on July 31, 2019. The first $35.0 million of borrowings under the Credit Agreement bear interest at an annual rate equal to LIBOR plus a margin of 3.5%. These borrowings automatically reduce on a pro-rata basis over 48 months commencing on July 1, 2016.

Park-Ohio Holdings Corp. and Park-Ohio Industries, Inc. Elect Patrick W. Fogarty as Vice President and Chief Financial Officer

On September 17, 2015, Park-Ohio Holdings Corp. and Park-Ohio Industries Inc. elected Patrick W. Fogarty, Vice President and Chief Financial Officer of Holdings and Industries. Mr. Fogarty will act as the principal financial and accounting officer of Holdings and Industries and will continue to oversee the corporate development activities for Holdings and Industries. Mr. Fogarty, who is 54 years old, has been an executive officer of Holdings and Industries and Director of Corporate Development since 1997 and served as Director of Finance from 1995 to 1997 of Holdings and Industries. Prior to joining those companies, Mr. Fogarty was employed by Ernst & Young from 1983 to 1995.

Park-Ohio Holdings Corp. and Park-Ohio Industries Inc. Announce Board Appointments

On July 14, 2015, the Board of Directors of Park-Ohio Holdings Corp. elected John D. Grampa as a member of the Board in the class of Directors that will stand for re-election at the company's 2016 Annual Meeting of Shareholders. Mr. Grampa was also elected to the Audit Committee of the Board and will serve as its Chairman. Additionally, Mr. Grampa was elected to the Board of Directors of the company's principal operating subsidiary, Park-Ohio Industries Inc. Mr. Grampa is the former Senior Vice President Finance and Chief Financial Officer of Materion Corporation.

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