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

Optical disc molder OEM getting into micromolding with acquisition of CDA

August 29, 2014 11:24 am ET

Optical disc replicator and molder Optical Experts Manufacturing Inc. of Charlotte, N.C., has expanded its core business and entered new high...    More

Image

Baxter investing $300 million to expand dialyzers production in Alabama

August 29, 2014 12:53 pm ET

Baxter International, Inc. is expanding its Opelika, Ala. manufacturing location to boost production of dialyzers, a key component of hemodialysis...    More

Image

Obituary: Jerry Williams, Prism Plastics co-owner

August 29, 2014 8:50 am ET

Williams founded Prism Plastics with Rod Bricker and Gerry Phillips, after the three left Huron Plastics Group in 1999.    More

Image

Haitian's standardization efforts paying off

August 29, 2014 9:53 am ET

Streamlined design efforts and robust export sales helped propel Ningbo, China-based injection molding machine manufacturer Haitian International...    More

Image

American Starlinger-Sahm begins work on new US headquarters

August 29, 2014 10:18 am ET

American Starlinger-Sahm Inc., which sells equipment for woven plastic bag production, PET recycling equipment, sheet extrusion and laminating lines a...    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

January 14, 2015 - January 14, 2015Plastics in Automotive

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

More Events