Onex Corporation, the Toronto-based private equity firm, has confirmed it has agreed to acquire KraussMaffei, the German plastics machinery manufacturer, for €569m. The global plastics industry had been awash with speculation for some time that a deal was imminent and a statement from Onex today confirmed the transaction, which it anticipates will close by 31 March next year, subject to customary conditions and regulatory approvals. KraussMaffei is the first European-based investment for Onex Partners III, a $4.7bn (€3.7bn) fund run by Onex which will inject $340m (€264m) into the business. Onex is not unfamiliar with the global plastic market; as recently as last year it had exited and re-entered the sector, selling its stake in Husky Injection Molding Systems, and then turned around late in the year to acquire extrusion equipment supplier Davis-Standard. Referring to KraussMaffei’s previous owners since 2006, private equity firm Madison Capital, Siebert said: “I would like to thank Madison Capital for a reliable and trustful partnership over the last six years. “The firm supported our strategy and business activities successfully, especially throughout the worldwide crisis in 2008 and 2009”.