Milacron to acquire process control equipment maker CanGen
November 7, 2015 by Canadian Plastics
Processing equipment manufacturer Milacron Holdings Corp. is buying CanGen Holdings Inc., a supplier of aftermarket process control components for injection molding and extrusion applications.
Headquartered in Atlanta, Ga., CanGen consists of Canterbury Engineering Company and Genca subsidiaries, and reported approximately US$20 million in sales last year.
CanGen fits perfectly with our core growth strategy of accelerating lifecycle sales through consumable products and aftermarket service,” Milacron CEO Tom Goeke said in a statement. “This acquisition brings a complementary product portfolio and customer base to Milacron, further building upon our fully integrated customer-driven solutions. Additionally, CanGen provides an entry into the extrusion market for rubber products, which opens up a new set of customers for Milacron’s existing product range.”
The consumables product market served by Canterbury and Genca includes screws and barrels, tooling and cross-heads, and other machined metal components.
The transaction is expected to close by the end of 2015. The financial terms of the deal have not been disclosed.
Headquartered in Cincinnati, Ohio, Milacron offers a full-line product portfolio that includes hot runner systems, injection molding, blow molding and extrusion equipment plus a range of advanced fluid technologies.