Toronto-based private equity firm Onex Corporation has completed its US$732 million purchase of German plastics machinery maker KraussMaffei Group.
Onex officials confirmed completion of the deal in a news release dated December 28.
Munich, Germany-based KraussMaffei manufactures machinery for the injection molding, extrusion and reaction process segments. It 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 €1.0 billion in revenues.
Onex is a conglomerate that typically buys leading companies and holds them for several years with intentions to sell them after their value has appreciated. The company has experience with plastics companies: it previously owned Canada’s Husky Injection Molding Systems Ltd., and currently owns extrusion equipment supplier Davis-Standard LLC.