SECOM GENERAL UPDATES POSITION REGARDING PARK-OHIO INDUSTRIES, INC.
SECOM GENERAL UPDATES POSITION REGARDING PARK-OHIO INDUSTRIES, INC. NOVI, Mich., March 6 /PRNewswire/ -- Secom General Corporation (NASDAQ: SECM) announced today that it is still pursuing the acquisition of Park-Ohio (NASDAQ-NMS: PKOH). "In response to Park-Ohio's comments to the Bloomberg Business News, we do not believe that Secom's financing of Park-Ohio will be a problem. Our letter to Park-Ohio outlining our proposal of $5.50 per share was in response to previous communications from them. We believed that after confidential communication of our offer to Park-Ohio's management, they would allow us to complete our due diligence," said David J. Marczak, Secom's secretary/treasurer. "We continue to believe that the best strategy for Park-Ohio is to reduce corporate overhead expense and emphasize their businesses in basic manufacturing," Marczak said. "In his comments to Bloomberg, Thomas McGinty, Park-Ohio chairman and CEO, referred to substantial unrecorded liabilities. We believe that such liabilities -- health care, pension, environmental or otherwise -- will be disclosed in the forthcoming annual report, form 10K and proxy statement being prepared by Park-Ohio," Marczak said. -0- 3/6/92 /CONTACT: David J. Marczak of Secom General, 313-349-8970/ (SECM PKOH) CO: Secom General; Park-Ohio Industries ST: Michigan, Ohio IN: SU: TNM
DH -- DE006 -- 5742 03/06/92 09:14 EST
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|Date:||Mar 6, 1992|
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