Onex buys KraussMaffei for $732 million

Published: September 25, 2012 6:00 am ET

Related to this story

Topics Mergers & Acquisitions, Injection Molding, Machinery

TORONTO (Updated Sept. 26, 8:30 a.m. ET) — Onex Corp., the Toronto-based private equity firm, has confirmed it has agreed to buy German plastics machinery maker KraussMaffei Group for 569 million euros (US$732 million).

The global plastics industry had been awash with speculation for some time that a deal was imminent and a statement from Onex today confirmed the transaction, which it anticipates will close by March 31, subject to customary conditions and regulatory approvals.

David Mansell, a managing director at Onex, said KraussMaffei was a “global leader in each of its three segments, with a decades-long reputation for technology and quality.

“We look forward to working with Jan Siebert and his management team to further build on the company’s market-leading position.”

KraussMaffei is the first European-based investment for Onex Partners III, a US$4.7 billion fund run by Onex that will inject US$340 million into the business.

Onex is not unfamiliar with the global plastic market; as recently as last year it had exited and re-entered the sector, selling its stake in Husky Injection Molding Systems Ltd., and then turned around late in the year to acquire extrusion equipment supplier Davis-Standard LLC.

In a statement KraussMaffei said it had made “successful steps to strengthen the business in its core markets as well as to expand its global presence in growing markets, particularly the Bric countries and Asia.”

Speaking about the Onex deal, Siebert, KraussMaffei’s CEO, said: “Building on our recent success, we see good opportunities to further grow the company.

“I am very pleased to be partnering with Onex given its track record and experience in our industry. I am looking forward to working with this experienced and successful company.”

Referring to KraussMaffei’s previous owners since 2006, private equity firm Madison Capital, Siebert said: “I would like to thank Madison Capital for a reliable and trustful partnership over the last six years.

“The firm supported our strategy and business activities successfully, especially throughout the worldwide crisis in 2008 and 2009.”

KraussMaffei, which employs 4,000 worldwide, posted sales of around 1 billion euros (US$1.28 billion) in the year ended June 30.


Comments

Onex buys KraussMaffei for $732 million

Published: September 25, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Lund adds to aftermarket auto products portfolio with buy of Bushwacker

January 29, 2015 2:49 pm ET

Lund International Inc. has expanded its portfolio of plastic aftermarket vehicle accessories by acquiring Bushwacker Inc.    More

Image

Chemtrusion, Mytex Indiana compounding plant set for expansion

January 29, 2015 1:35 pm ET

Japanese and American partners in a compounding plant in Indiana plan to expand the facility.    More

Image

Falcon Plastics expands in South Dakota

January 29, 2015 11:45 am ET

Falcon Plastics Inc. is putting the final touches on a 60,000 square foot addition that will nearly double the size of its Brookings, S.D.,...    More

Image

African equity fund invests in Kenya's General Plastics

January 28, 2015 4:24 pm ET

An African investment fund specializing in agriculture has invested in Kenyan packaging firm General Plastics Ltd. to provide funds to expand in the...    More

M&A deals in packaging hit record

January 28, 2015 1:49 pm ET

It's good to be in packaging these days. More precisely, it's good to be in packaging and decide to sell or merge.    More

Market Reports

Plastics in Automotive: Innovation & Emerging Trends

This special report newly released by PN and sponsored by The Conair Group examines current trends in the use of plastics in automotive, materials innovations and the changing landscape. It includes a review of legislative/regulatory activity impacting vehicle development and lightweighting, market opportunities & challenges for mold and toolmakers, innovative design strategies being implemented by major OEMs and suppliers, as well as a review of key indicators in Canada, Mexico, Brazil and China.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Upcoming Plastics News Events

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events