Onex Corporation has announced that they have completed the acquisition of the KraussMaffei Group, a manufacturer of plastic and rubber processing equipment for €568 million. Onex Partners III invested $353 million, of which Onex’ share is approximately $89 million as a limited partner in the Fund.
The KraussMaffei Group is a global supplier to the plastics and rubber processing industries. The company covers all areas of injection moulding machinery, extrusion technology and reaction process machinery, which gives it a unique selling point in the industry. Through its KraussMaffei, KraussMaffei Berstorff and Netstal brands, the company serves customers in many sectors including the automotive, packaging, medical and construction industries. The KraussMaffei Group has a long-standing tradition in international mechanical engineering and employs around 4,000 people globally.
The Onex Corporation has approximately $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds. Onex’ businesses have assets of $39 billion, generate annual revenues of $34 billion and employ approximately 235,000 people worldwide.