By Bill Bregar
Chicago -- 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.
Mr 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.
Mr Dinandt will leave effective 31 July.
In the news release, issued from MPM headquarters in Munich, Germany, Mr 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.''
Mr Osborne's background is in running domestic and international manufacturing operations - in industries that are outside the plastics machinery sector.
Mr Osborne serves on the advisory board for all of the Madison Capital companies.
Before joining Madison Capital, Mr Osborne was the chief executive officer, chairman and president of Illinois-based ice machine maker Scotsman Industries Inc.
During his tenure at Scotsman, he was responsible for 10 acquisitions and joint ventures in six countries.
Prior to Scotsman, Mr Osborne had been executive vice president of Household International Inc, which was 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.
Mr Osborne earned a master's degree 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.
Mr Dinandt, like Mr Osborne today, was a newcomer to plastics machinery when then-MPM owner Siemens AG named him chief executive officer in late 2001.
He had been an executive at Siemens' Power and Transmission and Distribution, and before that, he worked at McKinsey & Co, the management consulting firm.
Siemens sold MPM to Kohlberg Kravis Roberts in 2002.
Mr Dinandt stayed on to run the machinery group.
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.