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Park-Ohio Announces Transaction to Acquire Metalloy Corporation

9 November 1998

Park-Ohio Announces Transaction to Acquire Metalloy Corporation

    CLEVELAND, Nov. 9 -- Park-Ohio Holdings Corp. ,
the leading provider of logistics services for fasteners and related
industrial components, and a manufacturer of highly engineered products for
industrial original equipment manufacturers, today announced it has signed a
letter of intent to acquire Metalloy Corporation, an aluminum automotive
component manufacturer.
    Metalloy is a private company with annualized sales of approximately $90
million, consists of four foundry and machinery locations, and represents a
strategic addition to Park-Ohio's Aluminum Casting Group.  The acquisition is
subject to customary due diligence, regulatory approval, and is expected to
close prior to year end.  Edward F. Crawford, Chairman and Chief Executive
Officer, stated, "The combination of Metalloy's strength in sand and die
casting with our current expertise in permanent aluminum mold casting will
allow us to be one of the preeminent full service automotive aluminum
component suppliers.  The combined unit is expected to generate approximately
$150 million in annualized revenues."

    In Other Park-Ohio News:
    Park-Ohio recently closed on a new bank agreement, which matures April 1,
2001, increasing its unsecured line of credit from $100 million to $150
million.

    This news release contains forward-looking statements that are subject to
certain risks, uncertainties and assumptions.  Should one or more of these
risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated,
estimated or projected.  Among the key factors that could cause actual results
to differ materially from expectations are market conditions or estimates of
costs or projected or anticipated changes to cost estimates relating to
entering new markets or expanding in existing markets, changes in economic and
industry conditions and changes in regulatory requirements.  These and other
risks and assumptions are described in the Company's reports that are
available from the United States Securities and Exchange Commission.