Cleveland-based ParkOhio has reached an agreement to purchase EFCO, which does business as Erie Press Systems (Erie Press), headquartered in Erie, Pa.
The terms of the deal were not disclosed, and completion is subject to customary closing conditions. However, the transaction is expected to close this quarter.
“The acquisition of Erie Press, with annual revenues of approximately $20 million, will be immediately accretive to earnings,” ParkOhio President Edward F. Crawford said. “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.”
ParkOhio is a supply-chain management outsourcing service company that provides equipment used on customers’ production lines and manufactured components used to assemble customers’ products.
Erie Press manufactures hydraulic and mechanical presses, advanced forging presses, and metal stretch-forming and carbon extrusion machines for multiple industries including high-speed rail, primary metals, and aerospace and defense.
ParkOhio operates more than 125 supply chain logistics and manufacturing facilities worldwide. It has three segments: assembly components, engineered products, and supply technologies.
The company is on target for meeting its financial performance goal of $2 billion by 2021, ParkOhio CEO and Chairman Matthew Crawford said.