CINCINNATI (Sept. 28, 2:30 p.m. ET) — Sales are growing at Milacron LLC, two years after the maker of plastics machinery emerged from Chapter 11 bankruptcy.
The Cincinnati-based company is profitable, officials said.
This year, Milacron leaders expect sales to reach around $800 million, an increase of about 30 percent from 2010. That would mark a return to levels the company reached before the recession, officials said. Milacron's sales grew by a similar percent between 2009 and 2010.
New orders for the first two quarters of 2011 increased at a rate comparable to the same period of 2010. The increase was broad based, covering plastics machinery, aftermarket business DME mold components and metalworking fluids.
Milacron also is on track to double its 2010 profitability, officials said. That allows the leadership team to continue reinvesting in the business. Milacron reinvested $10 million in 2010.
This year, company executives anticipate investing $20 million, plus another $10 million in research and development, mainly for new products.
“We're reinforcing that Milacron is a world class manufacturer with a strong global presence and the products and services that customers need to be successful anywhere in the world,” CEO Dennis Smith said in a news release. “We have a strong balance sheet, we're generating substantial free cash flow and we're reinvesting it back into the business.”
Milacron emerged from Chapter 11 bankruptcy in August of 2009. Milacron is owned by New York-based Avenue Capital Group.