Business News
Court Approves Sale of Milacron to Investor Group
Tuesday 30. June 2009 - Completion of Sale Targeted for July
Milacron Inc. (Pink Sheets:MZIAQ), a leading global supplier of plastics-processing technologies and industrial fluids, announced that the U.S. Bankruptcy Court in its Chapter 11 proceeding has approved the sale of substantially all of the companys assets to a group of existing investors led by Avenue Capital Group and DDJ Capital Management LLC, in keeping with a previously announced agreement. The sale is expected to be completed in July.
“There was considerable interest in the company, but in the end, the existing investor groups 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 Milacrons 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 continued confidence of Milacrons investors enables the company to continue its long tradition of industry leadership and innovation. The company will be positioned more competitively, and solid financial backing strengthens its ability to meet the evolving needs of customers worldwide.
“Milacron is poised to do well, particularly as world markets improve,” Lawrence said. “The new ownership will enhance our ability to further advance our technologies, to develop new strategic partnerships and to expand our services to customers across the globe. Especially during these challenging economic times, its our goal as an industry leader to equip our customers with every possible advantage.”