Milacron: Share price slumps further

The share price of Cincinnati-based Milacron has fallen below the minimum share price standard for listing on the New York Stock Exchange (NYSE). The NYSE standard requires a company’s stock price to close at a minimum average of $1.00 during any consecutive 30-day trading period. Milacron’s stock closed at 88 cents per share (28 August 2006), and has a 52-week high of $1.93. A global supplier of plastics-processing technology and industrial fluids, Milacron has six months to remedy the situation following notification by the NYSE. The company aims to do this through restructuring initiatives, which it expects to generate $15m in “annualised benefits”, and return to profitability in 2007. At the beginning of August, Milacron announced its second quarter results for 2006. It incurred a net loss of $14.3m, compared with a net loss of $3.8m in the second quarter of 2005. Sales for this period were slightly up – $211m against $209m for the second quarter of last year. The company said that it took approximately $30m in orders at the NPE 2006 show, which will appear in the results for the third quarter of this year. As a result, year-on-year growth is expected during this period. Milacron has 3,500 employees and manufacturing facilities in North America, Europe and Asia.

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