ChemChina completes takeover of KraussMaffei Group
China National Chemical Corporation (ChemChina) has successfully completed the acquisition of the KraussMaffei Group from Onex Corporation. All relevant regulatory approvals have been achieved. In the future, the KraussMaffei Group will be ChemChina’s principal business entity in the operating and managing of related machinery enterprises.
According to Jianxin Ren, Chairman of ChemChina, the KraussMaffei Group will instill the German Industry 4.0 gene and the manufacturing tradition of craftsmanship into ChemChina’s advanced manufacturing segment, so as to provide integrated solutions to more customers around the world, especially in the emerging markets, thus complementing ChemChina’s shortcoming.
"The transaction will enable us to gain stronger access to the market of the Greater China Region. We intend to accelerate our growth in Asia and particularly in China, which will also strengthen our company both in Germany and in the rest of Europe", said Frank Stieler, CEO of the KraussMaffei Group.
The acquisition of the KraussMaffei Group by ChemChina from Onex was announced in early January 2016. ChemChina effected this acquisition together with its partners CNIC Corporation Limited and AGIC Capital. ChemChina is China’s largest chemicals group. It generated revenues of around €42.3 billion in 2015 with approximately 140,000 employees, of whom 48,000 are located outside China. The group operates internationally with a global strategy, having acquired companies in France, Australia, the UK, Israel, Norway and Italy in the last few years with the most recent acquisition being the high-end tire manufacturer Pirelli.
