Madison Capital Partners, the Chicago investment group that bought Mannesmann Plastics Machinery GmbH earlier this month, has named one of its own, Richard Osborne, to replace Pepyn Dinandt as MPM's top executive.
Dinandt has run MPM for the last four years.
MPM is the world's largest plastics equipment manufacturer, turning out machinery under the brands of Krauss-Maffei, Demag Plastics Group, Netstal and Berstorff.
Madison Capital announced the leadership change July 17.
Dinandt will leave effective July 31. In the news release, issued from MPM headquarters in Munich, Germany, Dinandt said the sale of the machinery group by New York-based Kohlberg Kravis Roberts & Co. to Madison Capital would be a good time to leave ``to meet new professional challenges.''
Osborne's background is in running domestic and international manufacturing operations - in industries that are outside the plastics machinery sector.
Osborne, 62, serves on the advisory board for all of the Madison Capital companies. Before joining Madison Capital, Osborne was the chief executive officer, chairman and president of ice machine maker Scotsman Industries Inc. of Vernon Hills, Ill. During his tenure at Scotsman, he was responsible for 10 acquisitions and joint ventures in six countries.
Prior to Scotsman, Osborne had been executive vice president of Household International Inc., which spun off Scotsman in 1989.
He began his career in 1967 at Pillsbury Co., holding positions including director of operations, plant manager and product manager.
Osborne earned a master's in business from the University of Illinois. He received a bachelor's degree in business, and an associate's degree in industrial engineering, from the University of Buffalo.
The MPM group generated about $1.6 billion in 2005 sales. MPM employs about 6,000.
The other members of MPM's management board will remain the same: Holger Engelmann, the chief financial officer; Henning Scheele in charge of human resources, and Otto Urbanek, the chief technical officer.