ParkOhio Acquires GH Electrotermia
ParkOhio acquired the shares of GH Electrotermia S.A. of Valencia, Spain, for approximately $31 million. GH designs, manufactures and tests induction heating equipment and heat-treat solutions. Its machines are used for hardening, tempering and annealing for various industrial applications. The acquisition strengthens ParkOhio’s Ajax Tocco Magnethermic’s position as a global leader of induction products and adds technologies to its portfolio of induction hardening capabilities.
With over 4,000 machines installed worldwide, GH operates facilities in Spain, India, Germany, China and New York. Ajax Tocco Magnethermic’s worldwide network of customer-service centers and induction technologies are expected to increase sales of GH’s equipment and enhance GH’s global parts and service business.
Based 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.