Park-Ohio Holdings Corp. has acquired “substantially all” of Amcast Industrial Corp.’s Automotive Components Group for an unreported price. The purchase includes plants in Ohio, Indiana, and Wisconsin that Park-Ohio will absorb into its General Aluminum business.
Last month Amcast sold its Flow Control division to Aalberts Industries. In its June 29 third-quarter (2004) earnings statement, Amcast reported debts totaling $172.7 million and stated it remained under obligation to refinance its bank debt and senior notes or “sell substantially all of its assets by September 1, 2004.”
Park-Ohio chairman and CEO Edward F. Crawford, announced: "The Amcast Automotive Components acquisition will greatly enhance our General Aluminum business with new customers, new products, and outstanding employees. The acquisition also provides our business with additional capacity to meet the increasing desire of OEMs to use aluminum parts to reduce the weight of their products in automobiles, trucks, and off-road vehicles. We expect the acquisition to be moderately accretive to earnings beginning in the fourth quarter of 2004 and have a more significant impact in 2005."