ParkOhio (Nasdaq: PKOH) in Cleveland has reached an agreement in principal to acquire EFCO Inc. of Erie, Pa.

Terms of the agreement were not included in a news release and a message to the company was not returned as of publication.

ParkOhio is a provider of supply-chain management services and highly engineered manufactured products. EFCO, which does business as Erie Press Systems, makes equipment like forging presses and hydraulic and mechanical presses.

"The acquisition of Erie Press, with annual revenues of approximately $20 million, will be immediately accretive to earnings," president Edward F. Crawford said in the release. "Erie Press has an impressive history of designing and building engineered-to-order equipment for the aerospace and other industries for over 120 years and is a complement to our Engineered Products forging strategy."

The acquisition is expected to close in the second quarter of 2019, and it is subject to a definitive agreement with closing conditions.

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