CINCINNATI--(BUSINESS WIRE)--Milacron Holdings Corp. (NYSE: MCRN) (“Milacron”), a leading industrial technology company serving the plastics processing industry, today announced that it entered into a definitive agreement with Osgood Capital Group, LLC (“Osgood Capital”) and Cyprium Investment Partners, LLC to sell its Uniloy Blow Molding business.
Tom Goeke, Milacron President and Chief Executive Officer (CEO), said, "The sale of the Uniloy Blow Molding business is being transacted in the best interests of Milacron, its stockholders, and its customers. Uniloy has operated as a Milacron product brand since 1998, and we are confident it will continue to thrive under its new ownership in the years ahead. This divestiture is consistent with our decision to concentrate on our core industry-leading technologies including Milacron injection molding machines, Milacron extrusion equipment, Mold-Masters hot runner and control systems, DME mold components, and our CIMCOOL fluid technologies."
The new Uniloy organization will be led by Brian Marston, and he will serve as President and CEO. Marston is currently President of Blow Molding and Extrusion with Milacron. He has held leadership roles within the plastics and blow molding industry for 35 years. Osgood Capital’s President, Joseph S. Levy, who has over 25 years’ experience in the plastics and packaging industry was quoted as saying, “We are excited to have this opportunity to work with the outstanding Uniloy management team led by Brian. We expect to deliver world class service and solutions for all our customers’ blow molding needs as well as strong growth in Global Uniloy brands for years to come.”
Mr. Marston was quoted, “The new Uniloy organization will continue to provide the same high-performance machinery, technical expertise and aftermarket support that our customers have experienced since the 1960s. The Uniloy brand will continue to be recognized as a global leader in the blow molding industry. We will be working hand in hand with Milacron to make this a seamless transition for our customers. All existing orders will continue to be manufactured to the industry’s highest standards.”
The transaction is subject to customary closing conditions and is expected to close within the next ninety (90) days.
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About Milacron
Milacron is a global leader in the manufacture, distribution, and service of highly engineered and customized systems within the plastic technology and processing industry. Milacron is the only global company with a full-line product portfolio that includes hot runner systems, injection molding, mold components and extrusion equipment plus a wide market range of advanced fluid technologies. Visit Milacron at www.milacron.com
About Uniloy Blow Molding
The Uniloy brand is a global leader in blow molding technologies and the only blow molding machine manufacturer to offer four unique blow molding technologies as well as blow molds and associated tooling. Uniloy’s core technologies include UR reciprocating series blow molding machines, industrial blow molding machines, UMA accumulator head and UMC continuous extrusion, UIB injection blow molding machines, UMS shuttle machines, as well as molds. Uniloy offers the blow molding industry’s most comprehensive aftermarket service and support.
About Osgood Capital
Osgood Capital is a firm focused on acquiring unique companies and then working with them to prepare and execute growth through innovation, strategy and investment. The principal has experience in closing over 30 different acquisitions in diverse industries including plastics, packaging, aerospace, automotive, energy services, electronics, technology, software and consumer products.
About Cyprium Partners
Cyprium Partners is a private equity and mezzanine firm providing common equity, preferred stock and subordinated debt to middle-market businesses. With offices in Cleveland, New York and Chicago, the partners of Cyprium have invested over $1.5 billion in more than 80 companies since 1998. Learn more about Cyprium Partners at www.cyprium.com.
Forward-Looking Statements
This press release contains forward-looking statements. The words “believe”, “expect”, “anticipate”, “plan”, “intend”, “should”, “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Although forward-looking statements reflect management’s good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements speak only as of the date the statements are made. Except as required by law, Milacron undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to demand for our products being significantly affected by general economic conditions, any decline in the use of plastic, the competitiveness of the industries in which we operate and the financial resources of our competitors, our ability to successfully develop and implement strategic initiatives to increase cost savings and improve operating margins and the other risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on February 28, 2019, and other SEC filings, copies of which are available free of charge on our website at investors.milacron.com.
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