Milacron LLC
announced this week that it has completed its previously announced
purchase of substantially all of the businesses and assets of Milacron
Inc. The new company is owned by a group of investors led by Avenue
Capital Group and DDJ Capital Management LLC. The completion of this
purchase enables the Milacron businesses to emerge from Chapter 11
bankruptcy and puts them in a stronger competitive position than at
any time in the past decade.
Milacron LLC is a
new, privately held entity with a significantly stronger balance sheet
including substantially lower debt and greater operating capital.
Milacron LLC has more than $500 million fewer liabilities, including
more than $230 million, or roughly 80 percent less debt than the
previous company. It has also secured a new $55 million revolving
credit facility led by Wells Fargo Foothill, part of Wells Fargo &
Company, and Bank of America N.A., which was undrawn at close. A $75
million second-lien term loan facility has also been provided by the
new investor group.
Milacron LLC will
be headed by Dennis Smith, the new President and CEO. Smith comes to
the company with a strong operations background and has led
significant, successful turnarounds in his last five engagements.
The new company
will continue to operate all of its major businesses, going to market
under a business unit structure that retains its global,
industry-leading brands including: Milacron Injection and Extrusion,
plastics processing machinery, related parts and comprehensive
services; DME, mold technologies and services; Uniloy, blow molding
and structural foam solutions; and Cimcool, metalworking fluids
technology and customer services.
Smith will be
supported by a strong leadership team with a long history of
commitment to Milacron. Dave Lawrence will serve as President of the
Injection/Extrusion Plastics Machinery and DME businesses worldwide.
Other members of
the new company’s leadership team include Bob McKee, who will serve as
President of Cimcool, and John Francy, who will serve as Chief
Financial Officer and Chief Administrative Officer. Smith also will
serve as President of Uniloy.
For further
information, visit
www.milacron.com
.