After enjoying positive financial results to start 2017, Milacron LLC, Cincinnati, looks to close one of its subsidiaries' facilities and expand another.Compared with the first three months of 2016, the machinery supplier posted a 4.3 percent gain in sales (to $285.4 million) and an 11.9 percent increase in new orders. It had a 6.2 percent jump in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for a total of $50 million in 2017's first quarter. It is projecting sales growth of up to 2 percent this year.Among its various market segments, Milacron's melt-delivery and -control business experienced the greatest growth — from $93 million in the first quarter of last year to $99.8 million in the first quarter of this year.Meanwhile, in a move that is expected to create 70 full-time jobs, it is making a $5 million investment to expand its Greenville, Mich., factory. The company plans to shutter its DME Co. LLC's Youngwood, Pa., location.Milacron said the move was made possible through a partnership with the city of Greenville and several economic development organizations, including The Right Place Inc., Montcalm Economic Alliance and the Michigan Economic Development Corp. (MEDC). As part of the partnership, MEDC will provide a $490,000 performance-based grant, while Greenville city officials are considering a tax abatement to support the project."By consolidating our machining operations into one single U.S. location, we can target our investment funds, building a world-class facility in Greenville to support our growth plans," said Peter Smith, Milacron DME president and GM.In other company news, Milacron said the price of a public offering of 12 million shares of its common stock has been set at $17.20 per share. Shareholders, rather than the company, are making the shares available. The company is not selling any shares of common stock and will not receive any proceeds from the sale.
