What Park-Ohio Holdings Corp. told the SEC could break it.

Customer concentration is high and contractually locked: Assembly Components' five largest customers were ~53% of segment sales via sole-source contracts (loss of any one could be material), and Supply Technologies' top five were ~36% of segment sales.

“The five largest customers of Assembly Components accounted for approximately 53% and 55% of segment sales for 2025 and 2024, respectively. These sales, across multiple operating divisions, are through sole-source contracts. The loss of any one of these customers could have a material adverse effect on the results of operations and financial condit”

Assembly Components and Engineered Products buy substantially all raw materials and component parts from third-party suppliers; while mostly commodity products with alternatives, suppliers can raise prices quickly and certain specialty products lack alternative sources.

“Assembly Components and Engineered Products purchase substantially all of their raw materials, principally certain component parts incorporated into their products, from third-party suppliers and manufacturers.”

U.S. tariffs on goods from China, Mexico, and Canada and on steel and aluminum raise the cost of the company's imported raw materials and components, and it may be unable to pass those costs to customers (especially in Assembly Components).

“The U.S. continues to impose tariffs on goods manufactured abroad, including goods manufactured in China, Mexico and Canada, as well as on steel and aluminum. These tariffs increase costs for certain goods imported into the United States, including certain of our raw materials and components, which increases our costs.”