ChemChina to acquire Krauss Maffei Group
The ChemChina – China National Chemical Corporation has agreed to acquire KraussMaffei Group, manufacturer of machinery and systems for producing and processing plastics and rubber, from Onex Corporation for a cash enterprise value of €925million. The transaction is subject to closing conditions including customary regulatory approvals. ChemChina together with Guoxin International Investment Corporation and Agic Capital will make this acquisition.
"With ChemChina, we have found a strategic and long-term oriented investor who has been interested in our Company for many years," said Frank Stieler, CEO of the KraussMaffei Group. The KraussMaffei Group will continue to operate in its current corporate structure. "We are strengthening our company with one of the leading global engineering groups, encompassing a 178-year corporate history. In doing so, we expect that KraussMaffei Group will maintain its identity and independence," said Jianxin Ren, Chairman of ChemChina. "We are investing in the Company’s strong management team and its technological expertise, which we believe will benefit our Chinese subsidiaries and position the chemical machinery business of ChemChina, which build and sell equipment for the rubber and chemical industry, to become a pioneer in achieving the "Made in China 2025" program which aims to enhance Chinese industry."
"Following Onex’s acquisition in late 2012 KraussMaffei Group has achieved strong growth and had a very successful year in 2015. As part of ChemChina, we expect to considerably accelerate our growth strategy, especially in China and Asia, and to further strengthen the Company in Germany and Europe," Stieler explained. In China, the Company is expected to benefit from the trend towards higher quality and sustainability. The machines and systems of the three brands – KraussMaffei, KraussMaffei Berstorff and Netstal – are suited to meet more challenging customer requirements. As a result of the transaction, the KraussMaffei Group will be able to accelerate its planned expansion in China.
Caption: F.l.t.r.: Ting Cai, Chairman and CEO of China National Chemical Equipment Co. Ltd. (CNCE), Dr. Frank Stieler, CEO of KraussMaffei Group and Chen Junwei, CEO of ChemChina.
