By Frank Esposito, Plastics News Staff
Toronto -- Toronto private equity firm Onex Corp. has completed its $732 million purchase of German plastics machinery maker KraussMaffei Group.
Onex officials confirmed completion of the deal in a 28 Dec news release. The transaction was first announced in September. At that time, Onex managing director David Mansell described Munich-based KraussMaffei as "a global leader in each of its three segments, with a decades-long reputation for technology and quality."
Mansell later said Onex officials did not "have any plans to break up KraussMaffei."
KraussMaffei employs 4000 worldwide and had sales of almost $1.3 billion in the fiscal year ended June 30. The firm had been owned since 2006 by private equity investor Madison Capital Partners of Chicago. KraussMaffei makes injection moulding machines, extruders and reaction process machinery for making polyurethane parts at plants in Germany, Switzerland, Slovakia and China.
When the deal was announced, KraussMaffei ceo Jan Siebert said officials with his firm saw "good opportunities to further grow the company."