ParkOhio Announces New President of its Supply Technologies Business

Rhea-AI Summary

ParkOhio (NASDAQ: PKOH) has appointed Brian Norris as President of Supply Technologies LLC, effective October 18, 2021. Norris brings 25 years of experience in distribution, serving previously as Vice President at Grainger. He succeeds John Chrzanowski, who will retire on November 30 after 14 years. The company emphasizes its commitment to customer service and growth strategies under Norris's leadership. ParkOhio operates over 120 manufacturing sites globally, offering supply chain solutions, capital equipment, and manufactured components.

Positive

• Appointment of Brian Norris as President expected to enhance growth strategies.
• Brian Norris brings 25 years of industry experience, including leadership roles at Grainger, OfficeMax, and FedEx Kinko's.
• Company operates over 120 manufacturing and logistics facilities worldwide, indicating strong operational capabilities.

Negative

• Forward-looking statements highlight potential risks, including supply chain issues due to the semiconductor chip shortage.
• Dependence on cyclical automotive and heavy-duty truck industries may affect performance.
• Significant indebtedness and general economic uncertainties pose risks to financial stability.

CLEVELAND, OHIO--(BUSINESS WIRE)-- ParkOhio (NASDAQ: PKOH), is pleased to announce the appointment of Brian Norris as President, Supply Technologies LLC, effective October 18, 2021. He succeeds John Chrzanowski who announced his retirement effective November 30 after 14 years with the company.

Mr. Norris has 25 years’ experience in the distribution and business services sector. For the last 12 years he was Vice President of Services and Solutions at Grainger and prior to that he was at OfficeMax as Senior Vice President of Print Services and at Fed Ex Kinko’s in various leadership roles.

“We are extremely excited to have Brian join our management team,” said Matthew Crawford, Chairman, President & Chief Executive Officer of ParkOhio. “He brings a wealth of highly relevant experience, a strong understanding and commitment to customer service, and a demonstrated track record of building well-defined growth strategies and innovation.”

“I want to thank John for his dedicated service and commitment to the continued growth and diversification of the business into adjacent markets and product lines while focusing on business analytics, automated systems and employee development,” said Crawford.

ParkOhio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, ParkOhio operates more than 120 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products.

This news release contains forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors that could cause actual results to differ materially from expectations include, but are not limited to, the following: the ultimate impact the COVID-19 pandemic has on our business, results of operations, financial position and liquidity, including, without limitation, supply chain issues such as the global semiconductor chip shortage and logistic issues; our substantial indebtedness; the uncertainty of the global economic environment; general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; the impact of labor disturbances affecting our customers; raw material availability and pricing; fluctuations in energy costs; component part availability and pricing; changes in our relationships with customers and suppliers; the financial condition of our customers, including the impact of any bankruptcies; our ability to successfully integrate recent and future acquisitions into existing operations; the amounts and timing, if any, of purchases of our common stock; changes in general economic conditions such as inflation rates, interest rates, tax rates, unemployment rates, higher labor and healthcare costs, recessions and changing government policies, laws and regulations, including those related to the current global uncertainties and crises, such as tariffs and surcharges; adverse impacts to us, our suppliers and customers from acts of terrorism or hostilities; public health issues, including the outbreak of COVID-19 and its impact on our facilities and operations and our customers and suppliers; our ability to meet various covenants, including financial covenants, contained in the agreements governing our indebtedness; disruptions, uncertainties or volatility in the credit markets that may limit our access to capital; potential disruption due to a partial or complete reconfiguration of the European Union; increasingly stringent domestic and foreign governmental regulations, including those affecting the environment or import and export controls and other trade barriers; inherent uncertainties involved in assessing our potential liability for environmental remediation-related activities; the outcome of pending and future litigation and other claims and disputes with customers; our dependence on the automotive and heavy-duty truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending; our ability to negotiate contracts with labor unions; our dependence on key management; our dependence on information systems; our ability to continue to pay cash dividends, and the timing and amount of any such dividends; and the other factors we describe under “Item 1A. Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. In light of these and other uncertainties, the inclusion of a forward-looking statement herein should not be regarded as a representation by us that our plans and objectives will be achieved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211022005488/en/

MATTHEW CRAWFORD

PARK-OHIO HOLDINGS CORP.

(440) 947-2000

Source: Park-Ohio Holdings Corp.

FAQ

Who has been appointed as President of Supply Technologies LLC at ParkOhio?

Brian Norris has been appointed as President of Supply Technologies LLC effective October 18, 2021.

What experience does Brian Norris bring to ParkOhio?

Brian Norris brings 25 years of experience in the distribution and business services sector, previously serving as Vice President at Grainger.

When will John Chrzanowski retire from ParkOhio?

John Chrzanowski announced his retirement effective November 30, 2021.

What challenges does ParkOhio face according to the latest press release?

The press release mentions risks including supply chain issues, significant indebtedness, and dependence on cyclical industries.

How many manufacturing sites does ParkOhio operate?

ParkOhio operates over 120 manufacturing and supply chain logistics facilities worldwide.