Milacron completes sale of Uniloy blow molding business
The new Uniloy organization will be led by President and CEO Brian Marston, a veteran of the plastics and blow molding industry with more than 35 years of professional experience.
Milacron Holdings Corp. has completed the US$51 million sale of its Uniloy blow molding business to U.S.-based investment firms Osgood Capital Group LLC and Cyprium Investment Partners LLC.
Transactions related to Mexico and India are expected to follow in the third quarter, Milacron said in a July 2 statement.
In the U.S., the new owners will transfer Uniloy’s blow molding machine manufacturing from Milacron’s Afton, Ohio plant to Uniloy’s global headquarters in Tecumseh, Mich., where it will join Uniloy’s mold manufacturing operations.
In Europe, the Magenta, Italy facility will serve as the European technical centre; in Latin America, Uniloy will continue to operate a technical centre in Queretaro, Mexico; and in Asia, Uniloy will continue to sell blow molding machinery manufactured in India.
Industry veteran Brian Marston will be Uniloy’s president and CEO. Marston has held leadership roles within the plastics and blow molding industry for over 35 years, most recently as president of Milacron’s blow molding and extrusion division. Aside from Marston, Uniloy’s management team includes Chris Peters as vice president of finance and treasurer, and Tom McDonald as vice president of operations.
Cincinnati, Ohio-based Milacron announced the sale of its Uniloy business in mid-May, just two weeks after it disclosed in its first quarter financial report that it was exiting the Uniloy business and putting it up for sale.
Milacron bought Uniloy in 1998 from Johnson Controls Inc. Milacron plans to keep the structural foam business that it bought from Johnson Controls at the same time.