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Lawson Products, Inc. (NASDAQ: LAWS), Des Plaines, IL, has sold Assembly Component Systems, Inc. (ACS), a wholly owned subsidiary, to Supply Technologies LLC., a wholly owned company of Park-Ohio Holdings Corp. (NASDAQ:PKOH).
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The sale price is $19 million, consisting of $16 million of cash and a $3 million promissory note, plus the assumption of certain liabilities. Park-Ohio expects annual revenues from the acquisition will be more than $50 million.
ACS is a provider of supply chain management solutions for production components through service centers throughout North America.
In connection with the above transaction, Supply Technologies and Lawson Products have entered into a strategic alliance to collaborate on common interests relative to certain MRO products in certain industries.
Lawson President and CEO Tom Neri said, "This divestiture will free up valuable resources for our company and generate cash for further investment in Lawson MRO, our most profitable business. We look forward to partnering with Supply Technologies in serving customers who value a combined OEM and MRO solution and the many cost and operating efficiencies it delivers."