Supplier Fluid Routing Solutions acquired by Park-Ohio Industries
DETROIT -- Automotive hose supplier Fluid Routing Solutions Inc. has been acquired by Cleveland-based Park-Ohio Industries Inc. for $97.5 million in cash, according to a release.
Fluid Routing Solutions, based in suburban Detroit, manufacturers fuel filler, hydraulic and thermoplastic assemblies, and hoses. The company generated revenue of $190 million for its 2011 fiscal year. It employs 950 at five plants in Michigan, Florida, Ohio, Tennessee and the Czech Republic.
It’s unclear whether Park-Ohio will maintain all five plants or whether any employees will be affected by the acquisition.
Fluid Routing Solutions filed for Chapter 11 bankruptcy in February 2009, succumbing to the automotive downturn. The Boca Raton, Fla.-based private investment firm Sun Capital Partners took the supplier out of bankruptcy that same year in a $12 million debtor-in-possession financing deal.
Park-Ohio’s parent company, Park-Ohio Holdings Corp., operates 31 manufacturing plants and 44 supply chain logistics offices across the globe. It generated net income of $29.4 million on revenue of $966.6 million for 2011.
Park-Ohio subsidiaries RB&W and General Aluminum are in Madison Heights.