Omers Private Equity and Berkshire Partners have signed an agreement to jointly divest Husky Injection Molding Systems (IMS) International to buyout firm Platinum Equity for $3.85bn.
Husky, which is headquartered in Bolton, Ontario, delivers injection molding equipment and services to the plastics industry.
The company's services include preform development, factory planning, customer training, systems integration and complete asset management.
Employing approximately 4,000 people worldwide, the firm designs, manufactures and integrates a range of injection molding equipment, including machines, molds, hot runners, auxiliaries and integrated systems.
Additionally, the firm provides aftermarket services and parts to a large installed base of systems globally.
The company's equipment is used to manufacture a range of products for the beverage packaging, closures, and thinwall packaging.
Planned to be completed in the second quarter of 2018, the transaction is subject to regulatory approval.
Husky operates manufacturing facilities in Canada, the US, Luxembourg, Austria, Switzerland, China, India and the Czech Republic. It also has more than 40 service and sales offices supporting customers in over 100 countries.
Husky president and CEO John Galt said: “We thank OMERS and Berkshire for their long-term partnership and support of the Company’s goals over the last six and a half years.”
“Their support has helped position Husky for future growth as the global leader and innovator in its segments.”
Recently, Husky IMS has made significant investments to its PET Tooling business in a bid to better respond to market needs.
Platinum Equity is a global investment firm with $13bn of assets under management. It has a portfolio of more than 30 operating companies.
Image: Omers Private Equity and Berkshire Partners agreed to sell Husky Injection Molding Systems (IMS) International. Photo: courtesy of adamr/FreeDigitalPhotos.net.