Husky Injection Molding Systems is now up for sale
By ALAN LICZYK Staff Reporter

One of Caledon's largest businesses is up for sale.

Husky Injection Molding Systems Ltd. in Bolton announced last week it may sell all or part of the company's shares. Husky is a global supplier of injection molding equipment and services to the plastics industry.

Dirk Schlimm, vicepresident of corporate affairs, told the Citizen that Husky's founder Robert Schad is now 78 years old with no family members in the business so he wants to be involved in any decision affecting the company's future. Financial adviser Citigroup Global Markets has been hired by Husky to assist in the possible sale.

Schlimm explained the process only started Thursday. He said Husky's major manufacturing site is in Bolton with other manufacturing facilities in the United States, Luxembourg and China. It supports customers in more than 100 countries.

Husky was founded in 1953 and has 1,300 employees at its Bolton site. Schlimm noted, however, that Husky recently eliminated 85 jobs in Bolton in an effort to become more efficient.

He added Husky's strategic priorities haven't changed.

"We will serve our customers and operate as usual," he said.

Schad and John Galt, president and chief executive officer, both made brief comments about the sale on the company's Web site.

"Over the past decade, we have made substantial investments to develop our leading technology platform, expand our markets and distribution network, improve our operations and build a strong management team," said Schad, Husky's largest shareholder. "While Husky's competitive position has become stronger as a result, we do not believe that this position is reflected in our current market valuation."

"Husky has reached an important part in its evolution," Galt said. "At this point it makes sense for us to consider Husky's future, and to do so on the basis of a strong position in the market. I am therefore in full support of this initiative, as is Husky's board."