Last year, Mahendra Patel wanted to buy out Milacron Inc.'s share of Ferromatik Milacron India Ltd., the joint venture he created in partnership with Milacron in 1995.
The Indian machinery executive even filed an objection with U.S. Bankruptcy Court in Cincinnati.
But now both sides are working together again, and Milacron is investing to boost production at the plant in Ahmedabad, Patel said.
It made sense that we continue to work together for a better future rather than separating, given the challenging machinery industry, he said via e-mail.
Patel continues to serve on the board of directors of Ferromatik Milacron India.
It's been peacefully resolved, said Dennis Smith, chairman, president and CEO. He called Patel a very important contributing member of the effort that we're doing.
In his objection last year, Patel charged that the bankruptcy bid procedures effectively blocked bids for individual parts of the company. Patel wanted to buy the Indian operation, and he claimed his family had the right of first refusal to any sale of that business.
The bankruptcy judge rejected that argument, but said Patel could continue to pursue the matter in an Indian court.
Milacron Inc. became Milacron LLC after emerging from Chapter 11.
In his e-mail, Patel said he did want to own all of Ferromatik Milacron India. I diligently followed all legal routes. However, in business everything is dynamic. Moreover, a long and fruitful partnership creates its own human dynamics regardless of the occasional disagreement, he said.
Patel credited his long friendship with Dave Lawrence, president of Milacron's worldwide plastics machinery and DME Co. business, with smoothing over the matter. He said Smith strongly supports the India plant investment. After all, the raison d'Ãªtre for a business is to make money and not to settle scores, Patel said.