Milacron Files for Secondary Offering
May 1, 2017 by Chris LangeMilacron Holdings Corp. (NYSE: MCRN) has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding a secondary offering. The company intends to offer 12 million shares with an overallotment option for an additional 1.8 million shares. At the most recent closing price of $18.82, the entire offering is valued up to $259.72 million.
The underwriters for the offering are Credit Suisse, Barclays, Baird, Merrill Lynch, JPMorgan, KeyBanc Capital Markets and William Blair.
This company is a global leader in the manufacture, distribution and service of highly engineered and customized systems within the $27 billion plastic technology and processing industry. It is the only global company with a full-line product portfolio that includes hot runner systems, injection molding, blow molding and extrusion equipment.
Milacron maintains strong market positions across these products, as well as leading positions in process control systems; mold bases and components; maintenance, repair and operating supplies; and fluid technology.
Based on management estimates primarily based on industry surveys and publications from 2014, management believes that Milacron is the top manufacturer and supplier of plastic processing technologies in North America on a consolidated basis across the industry’s primary plastic processing machinery applications based on sales. At the same time, on an international basis, management believes that this company is the top supplier to installed base worldwide based on sales, the top manufacturer and supplier of injection molding technologies in India based on sales, the top provider of hot runner systems in the Americas and Europe and the number two provider of hot runner systems in Asia, based on sales.
The company will not receive any proceeds from the offering. Instead the selling stockholders will receive all the net proceeds from the sale of shares.
Shares of Milacron traded early Monday at $18.05, with a consensus analyst price target of $20.50 and a 52-week trading range of $12.43 to $19.32.
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