Plastics equipment manufacturer Milacron Holdings Corp., which owns Milacron Holdings LLC, Cincinnati, announced pricing of its common stock at $20 per share to the public. The company hopes to raise between $285 million and $314 million in its Initial Public Offering, according to documents it filed with the U.S. Securities and Exchange Commission in June.
Milacron, which first announced plans for the IPO in April, plans that proceeds will go toward general operations and debt repayment. In addition, its underwriters have the option to purchase about 2.1 million shares of common stock.
Milacron's current owner, global private-equity firm CCMP Capital Advisors LLC, New York, is expected to retain more than 60 percent of the company after the stock offering.
In its IPO prospectus, Milacron reported that it generated $1.2 billion in total sales in 2014. Sales of its equipment systems made up 39 percent of its business, while sales of its melt delivery and control systems accounted for 33 percent.
Milacron has more than 27,000 customers and serves a globally diverse market. In 2014, it derived 52 percent of its sales in North America, 21 percent in Europe, 9 percent in China and 7 percent in India.
In other news, the company has announced plans to move its headquarters to nearby Blue Ash, Ohio. According to Neil Hensley, director of development for Blue Ash, the company has begun renovations at a leased space in a multi-tenant office building in the city.
Hensley says Blue Ash made a $75,000 forgivable loan to Milacron to entice the company to bring its headquarters' $6 million, 43-person payroll to Blue Ash. The loan is in addition to state tax credits the company has recently received to expand two manufacturing facilities in Ohio.
Milacron spokesman Mike Ellis, Milacron director, global marketing and communications, declined to comment on either the IPO or the headquarters relocation.
