Park-Ohio sells Castle Rubber, consolidates Cicero with Geneva Rubber

CLEVELAND (May 9)—Park-Ohio Industries Inc. has only one remaining elastomer business after an April 26 management-buyout of Castle Rubber and consolidation of Cicero Flexible Products with Geneva Rubber. Three members of Castle management and a group of seven outside investors in the East Butler, Pa., region paid slightly more than $3 million for the producer of power and conveyor rolls, lathe-cut gaskets, stripper rings and rubber-to-metal parts. Park-Ohio is emphasizing those areas of its business where it can get "more bang for (its) dollar," Chairman and CEO Edward F. Crawford said during a May 7 conference call with analysts and investors. Crawford did not return calls seeking comment on the consolidation of Cicero with Geneva, but during the conference call he said the remaining unit is the most efficient unit.