Milacron completes $140M refinancing
CINCINNATI — Milacron LLC on May 6 completed its plan to refinance some of its existing debt by selling $140 million in a senior secured term loan, just one month after announcing the proposal.
The new term loan replaces a $75 million second-lien term loan facility from Avenue Capital Group LLC of New York, which continues to own 100 percent of the Cincinnati-based machinery company.
The refinancing gives Milacron a lower interest rate, extended maturity dates and more favorable terms.
“Our ability to complete the refinancing so quickly after announcing our plan to do so reaffirms the value the market places on Milacron, our brands and the reputation we've established within the manufacturing industry,” said John Francy, vice president of finance and chief financial officer.
Ticona expands LFRT production in China
NANJING, CHINA — Ticona Engineering Polymers plans to nearly double production at its Celstran long-fiber-reinforced thermoplastic manufacturing unit in Nanjing.
The unit came online in 2008 with an annual capacity of 11 million pounds. The expansion is scheduled to be complete by the end of the fourth quarter.
Michael Harding, global business line director LFRT, said the added capacity is needed to meet demand from global customers.
Ticona is the engineering polymers business of Dallas-based Celanese Corp.
Polymeroptix buys West molding plant
LÜDENSCHEID, GERMANY — Injection molder Polymeroptix GmbH has acquired a molding facility in St. Austell, England, from West Pharmaceutical Services Inc.
According to the companies, the acquisition will enable both parties to follow their growth strategies.
“This is a deal with a true win-win perspective,” said Andreas Kobus, co-founder of Ludenscheid-based Polymeroptix.
Lionville, Pa.-based West had announced plans to downsize the St. Austell site in December. At the time, the company said it was negotiating with a buyer for a portion of the facility.
Polymeroptix will supply West with certain plastic pharmaceutical packaging components.