Husky to acquire Moldflow's Manufacturing Solutions Division
For release 2007-06-25
BOLTON, Ontario -- Husky Injection Molding Systems Ltd. (TSX: HKY) today announced that it has signed an agreement to acquire substantially all of the assets of Moldflow Corporation's (NASDAQ: MFLO) Manufacturing Solutions Division for $7 million. The sale is expected to close on June 30, 2007.
Husky is one of the largest suppliers of hot runners and tooling for the injection molding industry. Through this acquisition, the Company will expand its product offering by adding temperature controllers, process management and data communication software to its leading hot runner and machine portfolio.
Effective upon closing, the Company will offer customers Altanium temperature controllers, Celltrack and Shotscope software products, as well as MPX under license, Moldflow Corporation's automated process set-up and optimization tool. In addition, the Company will continue to offer the current line of LEC and TTC hot runner controllers during a transition period.
On May 10, 2007, Moldflow Corporation announced its intention to sell the Manufacturing Solutions Division. Commenting on today's announcement, Roland Thomas, Moldflow Corporation's President and CEO, said, "I believe that Husky is a strategic owner with the global infrastructure, expertise and focus needed to take our Altanium and shop floor products to the next level."
"This transaction brings to Husky an experienced team, a wealth of technology expertise and a highly complementary set of innovative products," said Keith Carlton, Husky's Vice President of Hot Runners and PET Molds. "As a result, we will offer our customers greater value while continuing to grow this strategic area of our business."
"The acquisition of Moldflow's Manufacturing Solutions Division is consistent with our strategy of building a portfolio of leading products and services to better serve our customers," said John Galt, Husky's President and CEO. "By leveraging our industry leading service and sales network and our strong position in tooling, we will be able to deliver these innovative products to an expanded range of customers."
About Husky — Husky Injection Molding Systems (www.husky.ca) is a leading global supplier of injection molding equipment and services to the plastics industry. The company has more than 40 service and sales offices, supporting customers in over 100 countries. Husky's manufacturing facilities are located in Canada, the United States, Luxembourg and China.
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Husky Injection Molding Systems