Milacron out from under Chapter 11, appoints new CEO

Milacron Inc. has now become Milacron LLC, complete with a new president and CEO.

The new company is owned by a group of investors led by Avenue Capital Group and DDJ Capital Management. The completion of the purchase has enabled the Milacron businesses to emerge from Chapter 11 bankruptcy.

Milacron LLC will be headed by new president and CEO Dennis Smith.

According to a press release, Milacron LLC has more than $500 million fewer liabilities, including more than $230 million less debt than the previous company.

“This sale is good news for Milacron LLC and its customers,” said Smith. “The new capital structure, combined with the cost savings of operating as a private entity, gives the company considerable financial strength. We are well positioned to leverage the strengths of our business units and industry-leading brands to bring new solutions to our customers.”

Milacron will retain its global brands, organised in a structure that “gives our business units greater flexibility to satisfy evolving customer requirements across the globe”, Smith said.