PE firm Onex to buy Germany's KraussMaffei Technologies

Canadian private equity giant Onex Corp yesterday struck a deal to buy German plastics machinery maker KraussMaffei GmbH from Madison Capital Partners for €568 million ($736 million).

Onex Partners III, Onex' $4.7 billion flagship private equity fund, will make an equity investment of approximately $340 million, of which Onex' share is about $86 million as a limited partner in the fund.

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 a global leader in the design and manufacturing of machinery and systems for processing plastics and rubber.

It manufactures machinery for the injection moulding, extrusion and reaction process segments.

KraussMaffei operates more than 10 manufacturing facilities in Germany, Switzerland, Slovakia and China 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.