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        IMA

Husky exploring sale; value of US$4 bn

Husky

Canadian injection moulding machinery maker Husky Injection Molding Systems has hired investment bank Goldman Sachs Group to undertake a sale with a value close to US$4 billion, including debt, according to a Reuters report.

Husky is owned by buyout firm Berkshire Partners LLC and the private equity arm of Ontario Municipal Employees Retirement System (OMERS). It is reported that both have asked Goldman Sachs to run an auction for Husky.

Husky is expected to have earnings before interest, tax, depreciation and amortisation this year of more than US$350 million, the sources added, asking not to be identified because the deliberations are confidential.

The report says that the move comes two years after a private equity peer of Husky, Milacron Holdings Corp, went public in a US$286 million IPO, following a string of acquisitions in an industry that is increasingly consolidating.

Berkshire Partners and OMERS acquired Husky for US$2.1 billion in 2011 from buyout firm Onex Corp.

Based in Bolton, Ontario, Husky says it is the world’s largest brand name supplier of injection moulding equipment and services to the plastics industry, manufacturing equipment that is used to produce a wide range of products such as bottles and caps for beverages, containers for food, medical components and consumer electronic parts.

The company has more than 40 service and sales offices, supporting customers in over 100 countries. Husky’s manufacturing facilities are located in Canada, the US, Luxembourg, Austria, Switzerland, China, India and the Czech Republic.

(IMA)


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