CLEVELAND (April 5, 2012)—Park-Ohio Industries Inc. said it has completed the acquisition of Fluid Routing Solutions Inc., a leading manufacturer of industrial hose products and fuel filler and hydraulic fluid assemblies.
FRS has more than 950 employees and revenues of about $190 million, for the 12 months ended January 31, 2012. The transaction will be immediately accretive to earnings, Park-Ohio said.
Park-Ohio Industries amended and restated its revolving credit agreement in light of the acquisition, providing a new four-year $220 million revolving credit facility and a new $25 million term loan, the company said.
FRS products include fuel filler, hydraulic and thermoplastic assemblies and several forms of manufactured hose including bulk and formed fuel, power steering, transmission oil cooling, hydraulic, and thermoplastic hose.
FRS has five production facilities located in Florida, Michigan, Ohio, Tennessee, and the Czech Republic, it said.