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July 06, 2015 11:22 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. It operates through three segments: Supply Technologies, Assembly Components, and Engineered Products. The 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, fittings, steering components, and others; spare parts an...

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: 45
Interim Principal Financial & Accounting Officer and Director of Corporate Development
Age: 54
Age: 54
Compensation as of Fiscal Year 2015.

Park-Ohio Industries Inc. Key Developments

Park-Ohio Holdings Corp. and Park-Ohio Industries, Inc. Announce Executive Changes

On June 4, 2015, Park-Ohio Holdings Corp. and its operating subsidiary, Park-Ohio Industries Inc. announced that W. Scott Emerick, Vice President and Chief Financial Officer ceased to be an officer and employee of Holdings and Industries on June 4, 2015. Effective June 4, 2015, Patrick W. Fogarty, the Director of Corporate Development of Holdings and Industries, will assume the role of principal financial and accounting officer of those companies on an interim basis. 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 Resignation of Kevin R. Greene as Board Member

On May 27, 2015, Kevin R. Greene, a member of the Boards of Park-Ohio Holdings Corp. and Park-Ohio Industries Inc. notified Holdings and Industries that he will resign from the boards of Holdings and Industries effective June 15, 2015.

Park-Ohio Industries, Inc. Enters into Amendment No. 1 to the Sixth Amended and Restated Credit Agreement

On October 24, 2014, Park-Ohio Industries Inc. and certain of industries wholly owned direct and indirect subsidiaries entered into amendment no. 1 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 a revolving credit facility of up to $250 million (which may be increased up to $300 million subject to industries obtaining commitments for such increase); a temporary increase in the inventory advance rates from 50% to 60%, which reduces back to 50% on a pro-rata quarterly basis over 36 months commencing on April 1, 2015; and a term loan facility of up to $35.0 million (subject to machinery and equipment appraisals) of which $25.0 million has been borrowed and is outstanding. The revolving credit facility includes a Canadian sub-limit in the amount of $25.0 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 $22.0 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 36 months commencing on April 1, 2015.

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