New investor for Milacron

Milacron Inc.(Cincinnati)has a new controlling shareholder, Bayside Capital Inc. This investment group, based in Miami, is part of H.I.G. Capital, and has bought all the Series B preferred stock owned by Glencore Finance AG, a Swiss-based raw materials conglomerate that refinanced Milacron at a difficult point for the company in 2004. This gives Bayside 57.5 per cent of the total, so that Bayside will now control about 30 per cent of actual voting power in Milacron.

Milacron announced its board of directors had approved the deal on October 3. Terms have not been disclosed. The deal covers all of Milacron's plastics equipment operations: injection moulding and blow moulding machines, extruders and mould components.
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