Onex acquires German injection moulding machinery builder for $719M
KraussMaffei focuses on strengthening global reach.
TORONTO — Onex Corp. is acquiring KraussMaffei AG, a German manufacturer of plastic and rubber processing equipment for close to $719 million.
The company, based in Munich with plants in Germany, Switzerland, Slovakia and China, designs and manufactures machinery and systems for the injection moulding, extrusion and reaction process segments.
“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, CEO of KraussMaffei.
KraussMaffei has 4,000 employees and generated approximately $1.26 billion for the year ending in June serving customers in the automotive, packaging, medical and construction industries.
Onex Partners III, Toronto-based Onex’s $4.7 billion private equity fund, will invest approximately $340 million, of which Onex’ share is about $86 million as a limited partner in the fund.
The company said including this transaction and the recently announced acquisition of SGS International, the Fund will be approximately 60% invested.