Milacron Holdings Corp. (NYSE: MCRN) is buying CanGen Holdings Inc. for an undisclosed amount.
Based in Atlanta, Georgia, CanGen manufactures screws, barrels and other parts for the construction and packaging sector, through its Canterbury Engineering and Genca subsidiaries, generating about $20 million in annual sales. The target has another facility in St. Petersburg, Florida. Milacron, which has headquarters in Cincinnati, Ohio, makes hot runner systems and injection molding equipment for the automotive, aerospace, food and beverage, and packaging sectors.
“CanGen fits perfectly with our core growth strategy of accelerating lifefcycle sales through consumable products and aftermarket service,” says MilaCron CEO Tom Goeke. “CanGen provides an entry into the extrusion market for rubber products, which opens up a new set of customers for Milacron’s existing product range.” CanGen marks Milacron’s first notable acquisition since the buyer went public earlier in 2015.
In other recent metal deals, Kaman Corp. (NYSE: KAMN) is acquiring GRW Bearing Gmbh from Avedon Capital Partners and MW Industries, backed by Genstar Capital, is purchasing Servometer and BellowsTech.