ParkOhio has acquired Valencia, Spain-based GH Electrotermia S.A., a maker of induction heating equipment and heat treat solutions. The seller was Miura Private Equity. The price of the acquisition was about $31 million.
CLEVELAND, OHIO–(BUSINESS WIRE)–ParkOhio (NASDAQ: PKOH) announced today that it has acquired the shares of GH Electrotermia, S.A., headquartered in Valencia, Spain, from Miura Private Equity. GH is a leader in the design, manufacturing and testing of induction heating equipment and heat treat solutions. GH operates through its locations in Spain, India, Germany, China and New York. With over 4,000 machines installed worldwide, GH machines are used for hardening, tempering, and annealing for various industrial applications. This acquisition strengthens ParkOhio’s Ajax Tocco Magnethermic’s position as the global leader of induction products and adds key technologies to an already diverse portfolio of induction hardening capabilities. ATM’s worldwide network of customer service centers and leading induction technologies are expected to increase the sales of GH’s equipment and enhance GH’s global parts and service business.
Edward F. Crawford, Chairman and Chief Executive Officer, stated, “The strategic acquisition of GH, with revenues of $55 million, was purchased for approximately $31 million and will be immediately accretive to earnings. The transaction was financed with a newly formed European bank group led by BBVA.”
ParkOhio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, ParkOhio operates 45 manufacturing sites and 54 supply chain logistics facilities, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products.