As a global leader in the production of high-performance, custom-designed extrusion T-dies and feedblocks primarily for polymer and plastics applications, Cloeren is highly regarded for its technical capabilities and blue-chip customer base. The Company is based in Orange, TX, near North America's petrochemical and energy export hub, with additional manufacturing locations in Marshall, TX; Eau Claire, WI; and Micheldorf, Austria.

The acquisition adds complementary extrusion technologies to MAAG's portfolio and expands its ability to serve customers with a broader, more complete solution across polymer processing applications.

"Cloeren is a strong strategic fit for MAAG and will further enhance our capabilities in extrusion applications," said Ueli Thuerig, President of MAAG. "The addition of Cloeren's technologies and engineering expertise expands our solutions offering and strengthens our ability to support customers with highly engineered, mission-critical equipment."

The transaction is expected to close in the third quarter following satisfactory completion of customary closing conditions. The terms of the transaction were not disclosed.