As managing editor of Husky Injection Molding Systems Ltd., the Bolton, Ontario-based injection press and tool manufacturer, announced a few minutes ago that the company is looking for a buyer. The decision is a result of founder Robert Schad's decision to consider a sale of his shares.
This is a big deal in the plastics machinery world, so I'll include the whole release here:
Husky Injection Molding Systems Ltd. ("Husky") today announced that it has initiated a review which will include the possibility of a sale of part or all of the Company's shares or a strategic combination with another business. This review is based on Robert Schad's decision to consider a sale of his shares. However, there is no assurance that this review will result in any specific strategic or financial transaction. The Company has engaged Citigroup Global Markets as its financial advisor."Over the past decade, we have made substantial investments to develop our leading technology platform, expand our markets and distribution network, improve our operations, and build a strong management team," said Robert Schad, Husky's founder, Chairman of the Board and largest shareholder. "While Husky's competitive position has become stronger as a result, we do not believe that this position is reflected in our current market valuation."
"Husky has reached an important point in its evolution," said John Galt, President and Chief Executive Officer. "At this point it makes sense for us to consider Husky's future, and to do so on the basis of a strong position in the market. I am therefore in full support of this initiative, as is Husky's Board."
Husky Injection Molding Systems Ltd. (www.husky.ca) is a leading global supplier of injection molding equipment and services to the plastics industry. The Company has more than 40 service and sales offices, supporting customers in more than 100 countries. Husky's manufacturing facilities are located in Canada, the United States, Luxembourg and China. The Company's common shares (HKY) are listed on the Toronto Stock Exchange.
Husky will hold a teleconference this afternoon to release its second quarter results, so perhaps they'll have more details later today.