Milacron profitable after emerging from Chapter 11
Sales are growing at Milacron, two years after the maker of plastics machinery emerged from Chapter 11 bankruptcy. The Cincinnati-based company is profitable, officials said. This year, Milacron leaders expect sales to reach around $800m, an increase of about 30% from 2010. That would mark a return to levels the company reached before the recession, officials said. Milacron’s sales grew by a similar percent between 2009 and 2010. New orders for the first two quarters of 2011 increased at a rate comparable to the same period of 2010. The increase was broad based, covering plastics machinery, aftermarket business DME mould components and metalworking fluids. Milacron also is on track to double its 2010 profitability, officials said. That allows the leadership team to continue reinvesting in the business. Milacron reinvested $10m in 2010. This year, company executives anticipate investing $20m, plus another $10m in research and development, mainly for new products. Milacron emerged from Chapter 11 bankruptcy in August of 2009. Milacron is owned by New York-based Avenue Capital Group.