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PARK-OHIO SHAREHOLDERS APPROVE KAY HOME PRODUCTS ACQUISITION, ALSO APPROVE ALL OTHER MANAGEMENT PROPOSALS

 PARK-OHIO SHAREHOLDERS APPROVE KAY HOME PRODUCTS ACQUISITION,
 ALSO APPROVE ALL OTHER MANAGEMENT PROPOSALS
 CLEVELAND, June 17 /PRNewswire/ -- Park-Ohio Industries, Inc., (NASDAQ: PKOH), today approved the acquisition of Kay Home Products, Inc.
 Kay Home Products is a leading manufacturer of barbecue grills, patio tables, leisure trays and lawn spreaders. Headquartered in Cleveland, its operations include MarshAllan Industries and Quaker Industries.
 The vote to acquire Kay Home Products took place at Park-Ohio's annual meeting of shareholders. As part of the transaction, Kay Home Products owner Edward F. Crawford will become chairman of the board and chief executive officer of Park-Ohio.
 "I am pleased with the diversification that the acquisition of Kay Home Products brings to Park-Ohio," explained Thomas E. McGinty, interim chairman and chief executive officer. "Until this time, our businesses have concentrated on serving traditional, heavy-industry markets.
 "This acquisition provides Park-Ohio with an important new source of growth and earnings, and enables us to enter a new business -- consumer home products -- with a strong, experienced management team in place," McGinty said.
 Under the terms of the acquisition, Crawford will receive 850,000 shares of Park-Ohio common stock at the closing of the transaction and up to an additional 1,150,000 shares if Kay Home Products meets certain income projections during the next two years. The transaction is expected to be completed later this summer.
 In other action at today's annual meeting, shareholders elected two new Directors to the Board and reelected Walter H. White. The two new Directors are John J. Murray, president of KMR Industries, Inc., a Philadelphia financial and business consulting firm, and James W. Wert, vice chairman and chief financial officer of Cleveland-based Society Corporation, Ohio's largest bank holding company. White is the retired president of Wisconsin White Trucks, Inc. All three of the Directors will serve three-year terms.
 Park-Ohio shareholders also approved the Company's 1992 stock option plan and ratified the appointment of Ernst & Young as independent auditors for the current year.
 Park-Ohio is a diversified manufacturer whose operations now include consumer home products, plastic and steel containers, forged and machined products, induction heating systems and industrial rubber products. The Company's common stock is publicly traded on the national over-the-counter market.
 -0- 6/17/92
 /CONTACT: Harold A. Madorsky of Park-Ohio Industries, Inc., 216- 991-9700; or William L. Dupuy of Edward Howard & Co., 216-781-2400, for Park-Ohio Industries, Inc./
 (PKOH) CO: Park-Ohio Industries, Inc. ST: Ohio IN: MAC SU: TNM


KK -- CL011 -- 1168 06/17/92 15:07 EDT
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Date:Jun 17, 1992
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