Report: Husky sale could raise $4 billion

Comments Email

Bolton, Ontario — Husky Injection Molding Systems Ltd. has hired Goldman Sachs Group Inc. to operate an auction for the company, according to a published report.

Reuters cited people familiar with the issue in its Aug. 10 story.

The news service cited sources who said the sale of the Bolton-based maker of injection molding presses, robots and hot runner systems could raise close to US$4 billion, including debt.

Berkshire Partners LLC and the private equity arm of the Ontario Municipal Employees Retirement System — Husky's owners — have asked Goldman Sachs to run an auction for Husky, Reuters said, citing sources who asked not to be identified "because the deliberations are confidential," according to the report.

Husky is expected to have earnings before interest, tax, depreciation and amortization this year of more than $350 million, the sources told Reuters.

Berkshire Partners and the OMERS pension fund bought Husky in 2011 from Onex Corp., the Toronto private equity giant, for $2.1 billion. Onex had spent around $1 billion to buy Husky in 2007. Berkshire Partners and Husky could not be reached for comment for this story.

Husky produces machinery that molds parts for packaging and medical. The company is very strong in presses to mold PET preforms.

Newsletters

Select from the list below to subscribe to customized Plastics News Europe e-mail news alerts. Check the options you wish to receive.