PE firm Onex close to buying KraussMaffei Technologies for $906 million: report

Onex Corp, Canada's largest private equity firm is close to buying German plastics machinery maker KraussMaffei Technologies GmbH from Madison Capital Partners, for around €700 million ($906 million).

Citing unnamed sources, The Globe And Mail yesterday reported that Toronto-based Onex clinched the deal after outbidding a Chinese machinery group.

Formerly known as MPM Mannesmann Plastics Machinery GmbH, KraussMaffei was formed in 1931 through the merger of two competitors Maffei and Krauss.

The Munich-based company is among the world's leading suppliers of machinery and systems for producing and processing plastics and rubber.

It develops and manufactures products in more than 10 production plants and markets them under the established product brands KraussMaffei, KraussMaffei Berstorff and Netstal through a worldwide, tightly-woven sales and service network with more than 140 companies and agencies.

Its international customers are from a very wide range of industrial sectors, including the automotive, building, consumer goods, electrical, electronics, chemicals, medical and pharmaceutical industries and white goods.