Park Drop Forge was incorporated on May 27, 1907 to make closed die forgings for crankshafts, camshafts, and other parts for trucks, buses, and diesel locomotives.
Ohio Crankshaft was incorporated to manufacture crankshafts and camshafts for diesel engines.
The Ohio Crankshaft Corporation (TOCCO) started operation of the first installation utilizing the TOCCO process of crankshaft induction hardening.
Merger of Park Drop Forge Co. and Ohio Crankshaft.
ParkOhio’s stock was first traded on the NASDAQ Stock Exchange. (NASDAQ Symbol: PKOH)
The company took the name Park-Ohio Industries, Inc.
Edward Crawford became Chairman and Chief Executive Officer of the Company on June 17, 1992 upon the acquisition of Kay Home Products Inc., a multi-product consumer products company.
Acquired General Aluminum Mfg. Co., a full service aluminum die casting supplier for the transportation industry.
Acquired RB&W; Co., a primary manufacturer of cold formed industrial fasteners and distributor of products associated with the fastener industry.
The company combined the extensive product line in the fastener industry with specialized value-added services by acquiring Arden Industrial Products, a national distributor of specialty and standard fasteners to the industrial market.
RB&W; penetrated into lawn and garden market by acquiring Arcon Fastener Corporation.
The company further expanded its industrial distribution business outside the North America market with the strategic acquisition of Direct Fasteners Limited.
Acquired Gateway Industrial Supply, a Pittsburgh-based industrial fastener distributor.
The acquisition of the Metalloy Corporation, a full service aluminum casting and machining company, provided sand and die casting capabilities to complement GAMCO’s permanent mold process.
RB&W; entered the aerospace/defense market by acquiring Columbia Nut and Bolt Corp., logistic providers of Class C components.
ParkOhio increased its presence in the OCTG market by first acquiring PMC Industries, an Ohio-based specialty machine tool builder with 80+ years in the OCTC business.
Acquired MP Colinet, a Belgian lathe builder founded in 1921. PMC Colinet was formed from the acquisition of PMC Industries and MP Colinet.
Acquired Industrial Fasteners Corp., a manufacturer of fasteners, tapping machines, screws, stop nuts, rivets and screw machine products.
To utilize brand calibration, RB&W changed its name to Integrated Logistics Solutions (ILS) and focused its efforts on becoming a global, single source supplier of Class C components and services to OEMs.
Acquired Kropp Forge, a manufacturer of large aerospace forgings.
ParkOhio formed Ajax TOCCO Magnethermic with the purchase of Ajax Magnethermic, one of the largest suppliers of the induction heating and melting equipment.
ParkOhio began construction of a new forging facility of Southwest Steel Processing (SSP) in Newport, AR.
ParkOhio expanded its aluminum castings business into new market and customer base with the acquisition of Amcast Industrial Automotive Components Group.
Integrated Logistics Solutions (ILS) further diversified its customer/supplier bases and expanded its geographic presence, acquiring Purchased Parts Group (PPG), a provider of supply chain management services for a broad range of production components.
Integrated Logistics Solutions (ILS) entered high technology industry by acquiring NABS, Inc., a premier international supply chain manager of production components.
Integrated Logistics Solutions (ILS) is renamed Supply Technologies to reflect its strategic movement to expand both geographically and into other industries.
Supply Technologies further expanded its geographic presence and entered the heavy folklift market by acquiring Assembly Component Systems, Inc. (ACS).
Ajax TOCCO Magnathermic strengthens heating business and aftermarket parts and service to a worldwide market by Pillar Induction.
ParkOhio completed transformational acquisition of Fluid Routing Solutions Inc., a manufacturer of industrial hose products and fuel filler and hydraulic fluid assemblies.
ParkOhio expanded its rubber and thermo-plastic capacity by acquiring Bates LLC., a manufacturer of extrusion, formed, and molded products for transportation and industrial application.
ParkOhio held the N5 Conference in Cleveland with over 160 associates globally representing six different business units of ParkOhio. The N5 Conference focused on two key objectives: gain commitment to achieving a goal of doubling the revenue with 12.5% profitable growth annually through 2017, and promoting collaboration between businesses and associates.
Supply Technologies completed the purchase of Henry Halstead LTD., a provider of supply chain management services headquartered in Preston, England, greatly creating a significant and immediate presence in Europe, and QEF Global Limited, a provider of supply chain management services headquartered in Cork, Ireland.
Supply Technologies acquired the Apollo Aerospace Group headquartered in West Midlands, England, with operation locations in England, France, Poland, and India. The synergy of this acquisition positions Supply Technologies for greater success within the Aerospace and Defense Business Segment.
ParkOhio acquired Autoform Tool & Manufacturing, Inc., a leading supplier of direct injection fuel rails, high and low pressure fuel lines used in Gasoline Direct Injection Systems headquartered in Angola, Indiana.
ParkOhio acquired Saet S.p. A., a global leader in the design, manufacturing and testing of induction heating equipment and heat treat solutions, headquartered in Milan, Italy.
The history of ParkOhio Holding Corp. (NASDAQ: PKOH) began with the formation of Park Drop Forge in 1907. It was incorporated on May 27, to make closed die forgings for crankshafts, camshafts, and other parts for trucks, buses, and diesel locomotives. Ohio Crankshaft was incorporated in 1920 to finish machine crankshafts and camshafts for diesel engines. During the 1930s, Ohio Crankshaft developed the surface heating effect of a high frequency electromagnetic field to heat, harden, or melt metals, which the company utilized in the production of the firm’s crankshafts and camshafts. By 1967 Ohio Crankshaft had grown substantially and had 2,500 employees. Also in 1967, Park Drop Forge and Ohio Crankshaft merged and in 1972 the combined company was renamed Park-Ohio Industries, Inc. (“ParkOhio”) Over the next two decades, Park-Ohio diversified by adding industrial plastics and rubber manufacturing and by expanding its induction heating expertise.
The new firm prospered until the recession of the 1980s, when the economy tumbled. By this time, the division’s employment had dropped to just 102 in July 1983.
In the early 90’s
Edward F. Crawford acquired a substantial stake of ParkOhio and was appointed Chairman and Chief Executive Officer in June, 1992. At that time, Crawford saw an opportunity to significantly change the direction of the company. In the midst of challenging and difficult times, he decided to invest aggressively in growth.
Under Crawford’s direction, the company returned to profitability and continued to flourish. From the start, Crawford’s approach, combined with his industrious nature, was to provide exemplary leadership, engaging other people on the team in the process. The hallmark of Crawford’s tenure is the company’s decentralized culture and his ability to retain executives and other key team members for decades. This unusually high retention rate is testimony to his vision and leadership.
Under this new leadership, ParkOhio grew significantly, through both organic growth and acquisitions, establishing leading market positions across a variety of industries. Throughout the 1990s and 2000s, ParkOhio expanded via internal investment and multiple acquisitions in industries where ParkOhio saw opportunity and in businesses where it already had a presence, including supply chain management services, aluminum products, forging and induction heating. With the 2012 acquisition of Fluid Routing Solutions Inc., a highly successful manufacturer of hydraulic fluid assemblies and fuel filter and hose products, ParkOhio expanded its’ product offerings to existing and new industrial customers worldwide
ParkOhio Today Today
Today, ParkOhio operates approximately 60 manufacturing sites and 65 supply chain logistics facilities in over 20 countries throughout North America, South America, Europe, and Asia. The company employs more than 7000 globally and has sales in excess of $1.6 billion. ParkOhio currently comprises three autonomous business segments: Supply Technologies, Assembly Components, and Engineered Products which contain numerous notable businesses including: Supply Technologies, RB&W, General Aluminum, Fluid Routing Systems, Ajax TOCCO Magnethermic, and Ohio Crankshaft.
Matthew Crawford is chairman and CEO of the company, which is headquartered at 6065 Parkland Blvd., Cleveland.