Onex acquire KraussMaffei €568 million

Onex to acquire KraussMaffei for €568 million

4:10 AM, 27th September 2012
Onex to acquire KraussMaffei for €568 million
David Mansell, Managing Director, Onex Toronto.

TORONTO, CANADA: Onex Corporation has agreed to acquire KraussMaffei AG for €568 million. The transaction is anticipated to close by March 31, 2013 subject to regulatory approvals.

Based in Munich, Germany, KraussMaffei manufactures machinery for the injection moulding, extrusion and reaction process segments. KraussMaffei has approximately 4,000 employees and operates key manufacturing facilities in Germany, Switzerland, Slovakia and China. For the twelve months ended June 30, 2012, the company generated approximately €1 billion in revenues.

“KraussMaffei is a global leader in each of its three segments, with a decades-long reputation for technology and quality,” said David Mansell, Managing Director, Onex Toronto.

“With Onex’ backing, we intend to strengthen our global presence and build on our success at the high-end of the industry,” said Jan Siebert, Chief Executive Officer, KraussMaffei.

“KraussMaffei is the first European-based investment for Onex Partners III and, like many of our existing businesses, serves markets globally. We look forward to finding similar investment opportunities as we build our business in Europe,” said Tony Morgan, Managing Director, Onex’ London office.

Onex Partners III, Onex’ $4.7 billion flagship private equity fund, will make an equity investment of approximately $340 million, of which Onex’ share is about $86 million as a limited partner in the fund.

© WOC News 

 

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