Onex Corporation have announced that it has agreed to acquire KraussMaffei, a leading manufacturer of plastic, rubber and composite processing equipment, for €568 million. The transaction is anticipated to close by March 31, 2013 subject to customary conditions and regulatory approvals.
Based in Munich, Germany, KraussMaffei designs and manufacturers machinery and systems for the processing of plastics and rubber. The company manufactures machinery for the injection molding, extrusion and reaction process segments. KraussMaffei has approximately 4,000 employees and operates key manufacturing facilities in Germany, Switzerland, Slovakia and China. For the twelve months ended June 30, 2012, the company generated approximately €1.0 billion in revenues.
KraussMaffei is the first European-based investment for Onex Partners III, Onex’ $4.7 billion flagship private equity fund, will make an equity investment of approximately $340 million, of which Onex’ share is about $86 million as a Limited Partner in the Fund. Including this transaction and the recently announced acquisition of SGS International, the Fund will be approximately 60% invested.