Summary: Park-Ohio Industries Inc.
- ID: 1753486
- November 2010
- Standard & Poors
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Standard and Poor's Ratings Services' ratings on Park-Ohio Industries Inc. (Park-Ohio) reflect the company's highly leveraged financial risk profile, and its weak business risk profile as a diversified operator of logistics and manufacturing businesses, which serve cyclical and competitive end markets. Revenue growth in 2011 should benefit from the recent acquisition of Assembly Components Systems (ACS), a supply chain management supplier, business unit of Lawson Products Inc., which is likely to contribute about $50 million to the topline. Largely benefitting from this acquisition, we expect revenue growth in the high single digits in 2011, but believe operating margin (before depreciation and amortization) is likely to remain weak at less than 10%. We expect this combination to result in debt to...
Companies mentioned in this report are: Park-Ohio Industries Inc.,Navistar International Corp.
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