Husky changes hands in '07

By NATHAN LAMB | Milton Independent Staff Writer
mireporter@mac.com

Ownership of Husky Injection Molding Systems (A.K.A. Husky) changed hands in December, and, so far, no changes have been reported by the company’s 350 employees at 288 North Road.

The $960 million (Canadian) sale agreement, which was announced in September, was approved almost unanimously by Husky company shareholders on Dec. 6. The deal became official when Canadian authorities approved it Dec. 13.

The new ownership is a Toronto-based firm known as Onex Corporation, which specializes in third-party capital deals and investment management.
Built in 1998, the 700-acre Husky campus in Milton produces “hot runners” which are used to mold molten plastic into components for the food, automotive, and electronics industries.

Onex’s long term plans for the Milton location remain unknown, but facility manager Tim Loucks said things have been status quo thus far.

“From our perspective, it’s business as usual,” he said,

In September Loucks said that widespread downsizing of the company would have been more likely if Husky were acquired by a competitor. This acquisition marks Onex’s first venture into the (plastics injection molding) field, he said.

Onex has a strong reputation for managing acquisitions, added Loucks.

Company founder Robert Schad, who liquidated his shares of the company in the deal, issued a release in September that spoke of Onex as the end product of a lengthy search to find the right owner for Husky.

Similar sentiments were expressed in a release from Onex after the deal was finalized.

“Husky has a strong and talented management team that has successfully grown the business to be an iconic Canadian manufacturer and global leader in injection molding equipment,” said Onex managing director Anthony Munk in the release. “We see a number of opportunities to grow the business from Husky’s leadership position in the industry.”