Park-Ohio To Buy Italy's Saet For About €18.4 Mln

(RTTNews) - Park-Ohio Holdings Corp. (PKOH) said Monday that it has signed a definitive agreement with Milan, Italy based Star Capital SGR S.p.A. and other minority shareholders to buy Saet S.p.A headquartered in Turin, Italy for about €18.4 million, or about $22.9 million, in cash.

Saet is engaged in the design, manufacturing and testing of induction heating equipment and heat treat solutions. Saet operates through its locations in Italy, China, India, and Tennessee. With over 4,000 machines installed all over the world, Saet machines are used for hardening, tempering, and annealing for various industrial applications in the agricultural, automotive and renewable energy markets.

The deal is expected to close by December 22.