Milacron has purchased Mold-Masters, a company that designs products for the plastics industry, for $969.7 million.

Georgetown, Canada-based Mold-Masters designs and manufactures advanced hot runner systems, temperature controllers and auxiliary equipment for the plastic industry.

Mold-Masters was owned by 3i Group plc, an investor that focuses on private equity, infrastructure and debt management. 3i bought the company in October 2007 for about $173.8 million. During London-based 3i’s ownership, the company expanded in Asia, Europe and South America.

The auction process for the target started in summer 2012. Several private equity and strategic buyers expressed interest in Mold-Masters, 3i said in a statement.

Milacron, headquartered in Cincinnati, is a company that specializes in processing plastics, metalworking fluids and precision machining. 

In June, 3i sold off Novotema Group, a rubber company, and in July, it sold off its stake in Lakeside Network Investments. In November, the company closed a $450 million collaterallized loan obligation fund. 

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