26 September 2012 15:36 [Source: ICIS news]
TORONTO (ICIS)--Canadian private equity fund Onex has agreed to acquire Germany-based chemicals and plastics machinery manufacturer KraussMaffei for €568m ($738m), it said on Wednesday.
Munich-based KraussMaffei designs and manufactures machinery and systems for the processing of chemicals, plastics and rubber, with focus on injection moulding, extrusion and reaction processes.
KraussMaffei employs a staff of 4,000 at plants in ?xml:namespace>
"We're very pleased to be partnering with Onex given its track record and experience in our industry," said KraussMaffei CEO Jan Siebert.
"With Onex's backing, we intend to strengthen our global presence and build on our success at the high-end of the industry," Siebert added.
($1 = €0.77)
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