Park-Ohio Industries' board of directors approved the acquisition of Kay Home Products, a Cleveland, OH-based manufacturer of barbecue grills, patio tables, leisure trays and lawn spreaders. Under terms of the acquisition, Edward Crawford, Kay Products' owner, will receive 850,000 shares of Park-Ohio common stock at the closing, and up to an additional 1,500,000 shares if Kay Home Products meets certain income projections during the next two years. In addition to this, Crawford becomes chairman of the board and chief executive officer of Park-Ohio.
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|Title Annotation:||Acquisitions, Expansions|
|Article Type:||Brief Article|
|Date:||Jul 1, 1992|
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