<PAGE>

                                                                      EXHIBIT 14

                           COHESANT TECHNOLOGIES INC.

CODE OF ETHICS FOR EXECUTIVE OFFICERS AND ALL SENIOR FINANCIAL OFFICERS

This Code of Ethics applies to the Chief Executive Officer, Chief Financial
Officer, and Chief Accounting Officer of Cohesant Technologies Inc. (the
"Company"), the President and Chief Operating Officer of each of the Company's
subsidiaries and to all other professionals of the Company or its subsidiaries
serving in finance, accounting or corporate treasury role. The purpose of this
Code of Ethics is to promote honest and ethical conduct and compliance with the
law, particularly as related to the maintenance of the Company's financial books
and records and the preparation of its financial statements. The obligations of
this Code of Ethics supplement, but do not replace, any code of conduct or
ethics policy applicable to all employees.

As an officer or other financial professional of the Company, you are expected
to:

         -        Engage in and promote ethical conduct, including the ethical
                  handling of actual or apparent conflicts of interest between
                  personal and professional relationships, and to disclose to
                  the chair of the Audit Committee of the Board of Directors or
                  to the Chief Executive Officer who shall forward the
                  disclosure to the Audit Committee chair, any material
                  transaction or relationship that reasonably could be expected
                  to give rise to such a conflict.

         -        Carry out your responsibilities honestly, in good faith and
                  with integrity, due care and diligence, exercising at all
                  times the best independent judgment.

         -        Assist in the production of full, fair, accurate, timely and
                  understandable disclosure in reports and documents that the
                  Company and its subsidiaries file with, or submit to, the
                  Securities and Exchange Commission and other regulators and in
                  other public communications made by the Company.

         -        Comply with applicable government laws, rules and regulations
                  of federal, state and local governments.

         -        Promptly report (anonymously, if you wish to do so) to the
                  Audit Committee of the Board of Directors any violation of
                  this Code of Ethics or any other matters that would compromise
                  the integrity of the Company's financial statements. You may
                  contact the Audit Committee, by mail: Audit Committee, c/o
                  Michael Boeckman, Chairman, c/o Cohen & Co., 1350 Euclid
                  Avenue, Suite 800, Cleveland, Ohio 44115; or by phone at:
                  216-579-1040, x-114.

         -        Never to take, directly or indirectly, any action to coerce,
                  manipulate, mislead or fraudulently influence the Company's
                  independent auditors in the performance of their audit or
                  review of the Company's financial statements.

<PAGE>

Compliance with this Code of Ethics is a term and condition of your employment.
The Company will take all necessary actions to enforce this Code, which may
include immediate dismissal. Violations of this Code of Ethics may also
constitute violations of law which may expose both you and the Company to
criminal or civil penalties.

If you have any questions about how this Code of Ethics should be applied in a
particular situation, you should promptly contact Robert Pawlak, Chief Financial
Officer.

                                       2