NEWS
Milacron sells its blow moulding unit
US plastics machinery major Milacron is selling its Uniloy blow moulding business to investment firms Osgood Capital Group and Cyprium Invest- ment Partners. It said the divestment allows it to concentrate on technolo- gies in injection moulding, hot runners, moulds and extrusion. The blow moulding business was
reported as a discontinued operation, in accordance with US GAAP princi- ples, in Milacron’s Q1 results. It was part of Milacron’s Advanced Plastic Processing Technologies (APPT) division, which also includes injection moulding and extrusion equipment. AAPT’s sales fell by 12.2% from Q1 2018 to $119.4m in Q1 2019, not including $3.8m of unfavourable
currency movements. Adjusted EBITDA fell by 9.3% to $14.7m. During Q1, Milacron’s sales were 13.0% down on Q1 2018 on an as-reported basis and 10.5% on a constant currency basis, at $248.7m. Orders were 10.8% and 7.6% down respectively at $275.3m, although they were 7% up on both Q3 and Q4 2018 orders. Operating earnings on a GAAP basis increased by 11.6% to $25.9m, but adjusted EBITDA de- creased by 23.5% to $41.0m. “Milacron’s first quarter results were consistent with our expectations and the first half of 2019 is progressing as anticipated,” said CEO Tom Goeke. “Our India equipment business continued to perform well with double
digit constant currency sales growth over prior year.” Melt Delivery & Control Systems saw sales fall by 10.2% year-on-year to $100m, excluding $4.6m of negative currency movements, while adjusted EBITDA fell 32.5% to $25.8m. Fluid Technologies sales fell 3.8% on a constant basis to $32m and adjusted EBITDA fell 9.9% to $6.4m. �
www.milacron.com
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