Cincinnati Milacron Inc. started the month of August in the acquisition mode with purchases that expand its presence both inside the United States and in Asia. First the Cincinnati-based supplier to the metal-working and plastics-processing industries announced the acquisition of Manpo Chemicals Co., the fourth largest cutting fluid maker in Korea, in an all-cash transaction. Manpo has been distributing Milacron products since 1988 and began blending one of its fluids the following year. Cincinnati Milacron officials say benefits will include a reduction in the manufacturing and shipping costs of its products throughout Asia.
In a second announcement, the following day, the company reported that it would purchase the assets of Johnson Controls Inc.'s plastics machinery business, the largest U.S. producer of blow-molding systems, for about $210 million. The plastics machinery division contributes about $190 million in annual sales to Johnson Controls and employs 800 people worldwide.