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Onex Corp. chairman Gerald Schwartz speaks at the company's annual general meeting in Toronto on Thursday, May 10, 2012.Nathan Denette/The Canadian Press

Onex Corp. says it has agreed to acquire KraussMaffei AG, a manufacturer of plastic and rubber processing equipment, for $718-million.

Based in Munich, Germany, KraussMaffei manufactures machinery for the injection molding, extrusion and reaction process segments.

KraussMaffei has approximately 4,000 employees and operates key manufacturing facilities in Germany, Switzerland, Slovakia and China.

For the year ended June 30, 2012, the company generated approximately $1.26-billion in revenue.

The transaction is expected to close by March 31, 2013, subject to regulatory approvals.

"KraussMaffei is a global leader in each of its three segments, with a decades-long reputation for technology and quality," said Onex managing director David Mansell.

"We look forward to working with Jan Siebert and his management team to further build on the company's market-leading position."

Onex is a private equity firm which manages investments focused on private equity, real estate and credit securities. In total, the company manages about $14-billion, of which $9-billion is third-party capital.