June 29, 2009
Court Approves Sale of Milacron to Investor Group
Milacron said that the U.S. Bankruptcy Court in its Chapter 11 case has approved the sale of substantially all of the company's assets 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.
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June 25, 2009
Milacron to Request Court Approval of Sale to Investor Group
Milacron said that, as of the June 24 bid deadline established by the Bankruptcy Court in its Chapter 11 proceeding, it had not received an offer for its assets higher than the one made in the definitive agreement reached last month with a group of existing investors. As a result, at a hearing scheduled for tomorrow, June 26, Milacron will ask the Court to approve the sale of its assets pursuant to the previously announced definitive agreement.
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May 5, 2009
Milacron Reaches Definitive Agreement to be Sold to Investors
Milacron has signed a definitive agreement to sell substantially all of its assets to a company formed by certain affiliates of Avenue Capital Group, certain funds and/or accounts managed by DDJ Capital Management LLC and certain other entities that together hold approximately 93% of the company’s 11½% Senior Secured Notes for total consideration estimated at approximately $175 million.
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April 16, 2009
Milacron to Exhibit at NPE 2009
Milacron announced today that, despite the current economic conditions and recent withdrawals by several major plastics industry players, it will maintain its commitment to customers and the industry with continued involvement in NPE 2009, aka "The International Plastics Showcase" to be held in Chicago, June 22-26.
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April 2, 2009
Ferromatik Milacron to Host Packaging Day and Introduce a New High-Speed Line of Injection Molding Machines
Ferromatik Milacron will host a Packaging Theme Day on May 13, 2009, at its headquarters in Malterdingen, Germany. The new high-performance machine series VITESSE will be introduced to a selected group of exclusively invited packaging experts.
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April 1, 2009
Milacron to Expand Services and Presence in Mexico with New Plastics Technology Service Center in Queretaro
The new service center brings together Milacron's Uniloy, Extrusion, Ferromatik, U.S. Injection Machinery, SERVTEK and Cimcool businesses all under one roof for optimal efficiencies. Centralizing the businesses in this larger facility is a real benefit to customers. The new operation enables Milacron to combine technical and analytical talents, enhance machinery services to customers as well as expanding customer training.
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March 10, 2009
Milacron to be Sold to Investors; Operations Continue Worldwide; Company Voluntarily Files Chapter 11
Milacron has reached an agreement in principle with two major bondholders, Avenue Capital Group and DDJ Capital Management LLC, in connection with a comprehensive financial restructuring of the company. The investors are proposing a commitment of $80 million in debtor-in-possession financing, including $40 million in new funds. Severely reduced sales and orders in recent months - precipitated by the ongoing credit crisis and deteriorating global economic conditions - have impacted liquidity to the point that Milacron elected to voluntarily file for Chapter 11 protection for its U.S. and Canadian operations only. The acquisition by the bondholders is intended to permit Milacron to continue as a going concern with substantially less debt.
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December 11, 2008
Ross Anderson to Head N.A. Machinery; John Francy New CFO; Bob McKee to Lead DME
Milacron today announced Ross Anderson as president – machinery technologies North America, the company’s largest operating segment, replacing Dave Bertke, who is retiring at year-end. Current treasurer John Francy is now vice president – finance and CFO, filling Anderson’s previous position. Bob McKee, currently president of global industrial fluids, will also head up the company’s global mold technologies segment, previously led by Dave Lawrence, who became Milacron’s president and CEO last week. In addition, controller Danny Gamez was named a vice president with additional responsibilities.
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November 18, 2008
Dave Lawrence Named Milacron CEO
Milacron announced that its board of directors has elected David E. Lawrence president and chief executive officer of the company and a member of the board of directors, effective December 1, 2008. A 35-year veteran of the plastics industry, Lawrence, 58, has been president of global mold technologies for Milacron for the past five years.  He replaces Ronald D. Brown, Milacron’s chief executive officer since 2001 and a board member since 1999. Brown announced in April his intention to retire by the end of the year.
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November 5, 2008
Milacron's Operating Earnings Improve; Focus on Cost Reductions Continues
Milacron reported a net loss for the quarter ended September 30 of $2.6 million, or 93 cents per share, compared to a net loss in the third quarter of 2007 of $4.5 million, or $1.36 per share. The profit improvement was a result of aggressive overhead cost reductions, which boosted operating earnings to $6.5 million in the quarter versus $3.0 million in the third quarter a year ago. Year to date, operating earnings have improved to $14.5 million compared to $3.6 million in 2007.
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