U.S. Bankruptcy Court okays sale of Milacron to investor group

Milacron Inc., 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 company 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 group's 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 Milacron's products and services." The new ownership will enable the company to be positioned more competitively, and solid financial backing strengthens its ability to meet the evolving needs of customers worldwide, a release said.
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