Toronto, Canada - Canadian investment firm Onex Corp. has bought plastic and rubber processing equipment maker KraussMaffei AG for Euro 568 million. The transaction is due to be completed by 31 March 2013, subject to approvals.
KraussMaffei of Munich, Germany, designs and manufactures machinery and systems for the processing of plastics and rubber, including equipment for polyurethanes processing and resin transfer moulding for composites.
KraussMaffei employs some 4000 staff and operates key manufacturing facilities in Germany, Switzerland, Slovakia and China. For the twelve months ended June 30, 2012, the company generated approximately Euro 1 billion in revenues, Onex said.
"We're very pleased to be partnering with Onex given its track record and experience in our industry," commented Jan Siebert, ceo of KraussMaffei, in a 26 Sept news release. "With Onex' backing, we intend to strengthen our global presence and build on our success at the high-end of the industry."