GENERAL ALUMINUM HAS BEEN ACQUIRED BY ANGSTROM AUTOMOTIVE GROUP
Birmingham, Michigan – January 18, 2024 – Angle Advisors is pleased to announce that Park-Ohio Holdings Corp. (NASDAQ: PKOH) has successfully completed the divestiture of
General Aluminum Mfg. Company ("General Aluminum" or the “Company") to Angstrom Automotive Group LLC (the "Buyer"). Angle Advisors acted as the exclusive investment banking advisor to Park-Ohio Holdings Corp. in completing the transaction.
Founded in 1943, General Aluminum is a leading Tier I/II supplier of cast and machined aluminum components and assemblies. Primarily serving the automotive, heavy truck, and off-highway vehicle markets, the Company offers a broad range of safety-critical suspension and chassis components ranging from knuckles, control arms and suspension links to large, complex sub frame, cross-members, and cradles. As a full-service supplier, General Aluminum supports customers from advanced product engineering, development, and design to production. From six manufacturing facilities located in the United States and Mexico with floorspace totaling over 1,000,000 square feet, the Company’s diverse casting technologies range from low pressure permanent mold, counter pressure casting, and gravity permanent/semi-permanent mold to lost foam and high pressure die casting.
Matthew V. Crawford, Chairman, Chief Executive Officer and President, stated, "The sale of our Aluminum Products business enables us to achieve the dual goals of deleveraging our balance sheet and reducing the capital intensity of our broader business. Additionally, it provides us with greater flexibility to focus on our core businesses which have seen record sales and backlogs. We want to thank all our partners in building General Aluminum into an industry leading enterprise."
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 130 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products. For additional information, please visit www.pkoh.com.
Headquartered in Southfield, Michigan, Angstrom Automotive Group LLC is a preferred technology & engineering driven development partner, global leader, manufacturer, and supplier of automotive (light vehicle), industrial, aerospace and EV components. For additional information, please visit www.angstrom-usa.com.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions and capital raising. The firm’s professionals have completed 293 transactions since 2009 for multinational corporations, privately held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.