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GERMANY - KKR sells mannesmann plastics machinery

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KKR and Siemens have agreed to sell Munich-based mannesmann plastics machinery to Madison Capital Partners. US-based Madison, together with the company's management, will purchase 100% of the shares in the world's largest plastics and rubber processing machinery group. mpm recorded revenues of EUR 1.259bn in 2005.

The mpm group is a former member of the Mannesmann Corporation which was later bought by Siemens. The company was the subject of failed buyout negotiations between Apax Partners and Siemens in 2001. In 2002 seven former Mannesmann and Siemens companies, including mpm, were purchased by Demag Holding of which 81% is owned by funds advised by KKR and the remaining 19% by Siemens. According to press reports KKR has recently hired Goldman Sachs to float Demag Cranes & Components, which manufactures harbour cranes.
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