US plastics machinery manufacturer Milacron (Batavia, Ohio; www.milacron.com) has exited Chapter 11 following the sale of 93% of its assets, worth USD 175m, to investors led by Avenue Capital Group and DDJ Capital Management – see Plasteurope.com of 27.07.2009. Now organised as a private limited company, Milacron LLC has a “significantly stronger balance sheet, with less debt and more operating capital,” the new private equity owners said. Liabilities have been reduced by more than USD 500m, around 80% of the previous debt level.

Milacron filed for Chapter 11 bankruptcy protection in March 2009 – see Plasteurope.com of 12.03.2009. European units were unaffected. Earlier this month, the group announced plans to downsize its workforce by 10%, with most of the job cuts at its Batavia headquarters – see Plasteurope.com of 19.08.2009.

“The new capital structure, combined with the cost savings of operating as a private entity, gives the company considerable financial strength,” new CEO Dennis Smith said. The group’s previous operational structure will be retained. The injection /extrusion plastics machinery business and mould-making subsidiary D-M-E (Mechelen / Belgium; www.dmeco.com) will be run by Dave Lawrence, who succeeded Ronald Brown as Milacron CEO in December 2008 – see Plasteurope.com of 02.12.2008. Smith will head the Uniloy blow moulding unit. Previous CFO John Francy has added the title of chief administrative officer.