The private equity arm of the Ontario Municipal Employees Retirement System and Boston-based investment firm Berkshire Partners have agreed to sell Husky Injection Molding Systems Ltd. to funds overseen by Platinum Equity for $4.9 billion.

Husky is an Ontario-based company whose primary business consists of manufacturing industrial technology for the plastics industry, particularly injecting molding applications. OMERS and Berkshire Partners bought the company in 2011 for US$2.1 billion, according to media reports at the time.

Read: OMERS to purchase majority stake in scientific measurement company

Along with manufacturing facilities in Canada, the United States, Austria, the Czech Republic, Luxembourg, Switzerland, China and India, Husky has more than 40 sales offices. Its products are available in more than 100 countries with more than 75 per cent of revenues coming from outside North America.

“We thank OMERS and Berkshire for their long-term partnership and support of the company’s goals over the last six-and-a-half years,” said John Galt, president and chief executive officer of Husky, in a press release. “They have been great partners for management and excellent stewards of the company. Their support has helped position Husky for future growth as the global leader and innovator in its segments.”

Read: OMERS’ infrastructure arm ups stake in British utilities company

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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