PARK-OHIO PREPARED TO MEET WITH SECOM GENERAL
PARK-OHIO PREPARED TO MEET WITH SECOM GENERAL CLEVELAND, March 31 /PRNewswire/ -- Park-Ohio Industries, Inc.
(NASDAQ:PKOH) stated today that, following preliminary contact with Secom General Corporation (NASDAQ:SECM), Park-Ohio had advised Secom that it was prepared to meet to discuss Secom's inquiry concerning its interest in Park-Ohio.
Thomas E. McGinty, Interim Chairman and Chief Executive Officer of Park-Ohio, said: "We continue to be skeptical about Secom's ability to consummate a transaction based on the numerous assumptions and conditions contained in Secom's proposal. However, we are prepared to meet with Secom to discuss their proposal." McGinty added: "We remain fully committed to our previously announced transaction with Kay Home Products which we believe will strengthen the Company and provide value for Park-Ohio shareholders." Park-Ohio emphasized that there can be no assurance that discussions with Secom will lead to Secom's actually proposing a transaction, what price Secom might offer if it proposes a transaction, whether any of the conditions contained in Secom's proposal could be met or whether Secom would be able to finance any such transaction. -0- 3/31/92 /CONTACT: Harold A. Madorsky of Park-Ohio Industries, Inc., 216-991-9700/ (PKOH) CO: Park-Ohio Industries, Inc. ST: Ohio IN: MAC SU:
cg -- CL019 -- 3601 03/31/92 17:04 EST
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|Date:||Mar 31, 1992|
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