Milacron Holdings Corp. said July 2 it has completed the sale of its Uniloy blow molding machinery business to two private equity firms, and Milacron announced the price: nearly $51.9 million.
On July 3, Uniloy issued its own announcement that the deal is complete for Uniloy's U.S. and European operations. Transactions related to Mexico and India are expected to follow in the third quarter.
The new owners will transfer Uniloy's U.S. production from Milacron's factory in Batavia, Ohio, to Uniloy's global headquarters in Tecumseh, Mich., where the manufacturing will join Uniloy's mold making operations.
Uniloy will retain its global footprint. In Europe, the Magenta, Italy, facility will be the European technical center. The blow molding machinery company also has employees based in Germany, the Czech Republic and the United Kingdom.
In Latin America, Uniloy will continue to serve the aftermarket needs of customers through a technical center in Querétaro, once that sale is completed for Uniloy's Mexico business. For Asia, Uniloy will continue to sell blow molding machinery manufactured in India.
Regional sales and service firms in South America, the United Kingdom and Asia will to continue to support the global coverage, Uniloy officials said.
Milacron purchased Uniloy in 1998, and the sale of another unit of the machinery maker could be coming. A June 28 report in Bloomberg said Milacron may be considering a sale of its Cimcool metalworking fluid business, citing unnamed sources. Milacron had no comment on the Bloomberg story.
Brian Marston, who was president of Milacron's blow molding and extrusion business, is now Uniloy's president and CEO. He said Uniloy will focus on innovation, customer solutions and being a great workplace.
"After all, our employees are our most important asset as we grow and develop," he said. "I have great confidence that the leadership team in place at Uniloy will allow the organization to grow and succeed."
Uniloy also named two executives: Chris Peters as vice president of finance and treasurer and Tom McDonald as vice president of operations.
Peters has worked at Milacron for more than 20 years, most recently as finance director for the blow molding and extrusion business. He held the position of director of corporate development for Milacron from 2011 to 2015. He had worked at Milacron from 1995 to 2008, and before rejoining Milacron in 2011, Peters held finance leadership roles at Procter & Gamble Co. and Jarden Corp.'s U.S. Playing Card Co.
McDonald has more than 30 years of experience in plant operations and engineering. Most recently, he was senior director of operations at Milacron, responsible for production, engineering, quality, supply chain and plant operations for the company's blow molding, extrusion and injection molding equipment businesses. His prior experience includes Schneider Electric and GE Aviation.