Xaloy: Sold to management team
Leading screw and barrel manufacturer Xaloy has been sold by owner, Switzerland’s Saurer Group, to a management team backed by Baird Capital Partners. The deal, for an undisclosed sum, covers Xaloy’s plants in Asia and the US where it has six operations. The company’s top management will remain in place. President and chief executive Walter Cox and executive vice-president Gunther Hoyt will be supported by Tim Worner, vice-president of engineering and technology, who joined Xaloy when it acquired New Castle Industries last August. BCP expects to play a role at board level but does not intend to be involved on a day-to-day basis.
The sale of the business is consistent with textile machinery maker Saurer’s intention to exit the plastics equipment business. In December the company sold Xaloy’s European screw and barrel business to OMG of Brescia At the time, Xaloy’s Cox warned of the changes in the plastics processing equipment market since its peak in 2000 and the need for consolidation.