ParkOhio, a provider of supply chain management services and highly engineered manufactured products, has reached an agreement in principal to acquire EFCO Inc., which does business as Erie Press Systems in Er, Pa.
Erie Press is 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," ParkOhio President Edward F. Crawford said in a statement. "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 deal is subject to a definitive agreement with customary closing conditions. The transaction is expected to close in the second quarter of 2019.