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ParkOhio Holdings Corp. (NASDAQ: PKOH), Cleveland, Ohio, has agreed to acquire EFCO, Inc. d/b/a Erie Press Systems, Erie, Pennsylvania, a manufacturer of advanced forging presses, hydraulic and mechanical presses, and metal stretch-forming and carbon extrusion machines for several end markets, including aerospace and defense, primary metals and high-speed rail.
"The acquisition of Erie Press, with annual revenues of approximately $20 million, will be immediately accretive to earnings,” said Edward F. Crawford, president of ParkOhio. “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."
The transaction is expected to close in the second quarter of 2019.