(Batavia, Ohio) - Plastic processing equipment maker Milacron Inc. (Pink Sheets:MZIAQ) says the bankruptcy court in its Chapter 11 proceeding has approved its sale to a group of existing investors led by Avenue Capital Group and DDJ Capital Management LLC.
The deal, reportedly worth $175 million, is expected to close in July.
“There was considerable interest in the company, but in the end, the existing investor group's offer was the highest,” said Dave Lawrence, CEO of Milacron. “These are investors who understand our company, our customers and the markets that have long relied on Milacron's products and services. Their continued confidence in our brands, people and products is enabling us to complete the bankruptcy process quickly and emerge as a much healthier company.”
The deal was first announced in May (see http://www.mfrtech.com/articles/2078.html)
First incorporated in 1884, Milacron is a global supplier of plastics-processing technologies and industrial fluids, with major manufacturing facilities in North America, Europe and Asia.
For more information about the company visit http://www.milacron.com/
For a complete version of the BUSINESS WIRE press release:
http://www.businesswire.com/news/home/20090629005554/en
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