Published: September 01, 2010
Lawson Products Sells Assembly Component Systems
DES PLAINES, Ill. - (BUSINESS WIRE) - Lawson Products, Inc. (NASDAQ: LAWS) today announced the sale of
substantially all of the assets of Assembly Component Systems, Inc.
(ACS), a wholly owned subsidiary, to Supply Technologies LLC., a wholly
owned company of Park-Ohio Holdings Corp. (NASDAQ:PKOH). The sale price
is $19.0 million, consisting of $16.0 million of cash and a $3.0 million
promissory note, plus the assumption of certain liabilities.
ACS is a provider of supply chain management solutions for a broad range
of production components through its network of 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 a variety of 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."
Edward F. Crawford, Chairman and CEO, stated, "We are pleased to add to
our Supply Technology business an outstanding leadership team and a new
list of customers representing some of the elite manufacturers in North
America. Annual revenues from this transaction will exceed $50 million
per year and will be immediately accretive to Park-Ohio's earnings."
About Lawson Products, Inc.
Lawson Products, Inc. headquartered in Des Plaines, IL, is a leader in
distributing products and services to the industrial, commercial, and
institutional maintenance, repair and operations (MRO) market. The
company also manufactures, sells, and distributes production and
specialized component parts, and provides services and systems to
original equipment manufacturers (OEMs).
About Park-Ohio Holdings, Inc.
Park-Ohio Holdings Corp. is a leading provider of supply management
services and a manufacturer of highly engineered products. Headquartered
in Cleveland, Ohio, the Company operates 28 manufacturing sites and 40
supply chain logistics facilities.
This news release contains forward-looking statements, including
statements regarding future performance that are subject to certain
risks, uncertainties and assumptions. Should one or more of these risks
or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
estimated, or projected.
Stewart A. Howley
Lawson Products, Inc.
847-827-9666
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