Milacron LLC, a new company owned by a group of investors led by Avenue Capital Group and DDJ Capital Management LLC, completed its previously announced purchase of substantially all of the businesses and assets of Batavia-based Milacron Inc.

Dennis Smith is the company’s new president and CEO. A company news release notes that he has “a strong operations background and has led significant, successful turnarounds in his last five engagements.”

Most recently, Smith was president, CEO and director of Magnatrax Corp., a private equity-owned, $400 million company that makes custom-engineered metal buildings. Prior to that, he was the president of Service Experts Inc., a $1 billion heating-ventilation-air conditioning equipment sales, service and installation subsidiary of Lennox International.

Smith has an MBA with from the Wharton School at the University of Pennsylvania and he completed the Executive Development Program at General Electric Co. in the mid-1980s.

Previous Milacron CEO Dave Lawrence shifts to president of the company's injection/extrusion plastics machinery and DME businesses.

According to the news release, Milacron “will continue to operate all of its major businesses,” including: injection and extrusion, plastics processing machinery, related parts and comprehensive services; DME, mold technologies and services; Uniloy, blow molding and structural foam; and Cimcool, metalworking fluids technology and customer services.

“This structure gives our business units greater flexibility to satisfy evolving customer requirements across the globe. Meanwhile, by sharing resources and leveraging our strengths globally, our businesses will be much better positioned to succeed,” Smith said.

Smith will also serve as president of Uniloy. Bob McKee will serve as president of Cimcool, and John Francy will serve as chief financial officer and chief administrative officer.

Milacron LLC is now a privately held company. Following the Chapter 11 reorganization, the company has more than $500 million fewer liabilities, including 80 percent less debt than the previous company.

“This sale is good news for Milacron LLC and its customers,” Smith said. “The new capital structure, combined with the cost savings of operating as a private entity, gives the company considerable financial strength.”