The leading Chinese chemical company China National Chemical Corporation (ChemChina) accepts the KraussMaffei Group of the Canadian Onex Corporation (Onex). The companies present value amounts to 925 million euros.
The KraussMaffei Group is a leading global manufacturer of high quality machines and equipment for production and processing of plastics and rubber.
“With ChemChina we gain a strategic and long-term investor who is interested in for many years for our company,” said Frank Stieler, CEO of KraussMaffei Group. The KraussMaffei Group will continue in their existing structure.
“We will strengthen our company with a leading machine builders, which has a 178-year tradition. We attach great importance to ensuring that the KraussMaffei Group retains its identity and independence, “said Ren Jianxin, Chairman, ChemChina. “We appreciate the great management and technology expertise of the company very and believe that we can use this for some of our subsidiaries in China. Thus, we will position the business in chemical plant of ChemChina better. The business should become a flagship company in the program “Made in China 2025”.
With this program, the basis for the further development of Chinese industry is created. The growth potential for the KraussMaffei Group is enormous – in particular through improved market access in China, we can allow. We expect that the developments in the automotive industry have great potential. The progressive automation in the automobile production and the trend toward lightweight materials will have a positive impact on the premium segment in the field of injection molding technology. Together ChemChina and the KraussMaffei Group is very well positioned to continue to grow, “he said.
The headquarters of the KraussMaffei Group remains in Munich as well as the operational and corporate responsibility in Europe. This is particularly true for production, technology, patents and research and development.
The KraussMaffei Group will continue to operate as a German company with mitbestimmtem Supervisory Board. All existing tariff and location commitments continue to apply unchanged. The company currently employs approximately 4,500 employees, including 2,800 in Germany worldwide.