headquarters will remain in Munich
ChemChina to acquire KraussMaffei Group
15.01.2016 – China’s leading chemicals group, China National Chemical Corporation (ChemChina), has agreed to acquire KraussMaffei Group from Onex Corporation for a cash enterprise value of 925million Euros. The KraussMaffei Group is a leading global manufacturer of high-quality machinery and systems for producing and processing plastics and rubber. The transaction is expected to accelerate the growth of the company considerably in light of potential business synergies. ChemChina together with Guoxin International Investment Corporationand 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.
ChemChina and the KraussMaffei Group will be well positioned for future growth. “Accelerated growth will have a sustained positive impact for the Company globally. Our Company has a strong foundation and we will continue to build on our strengths, and create new jobs around the world,” said Stieler. Our brands KraussMaffei, KraussMaffei Berstorff and Netstal will always stand for highest quality and sustainability. The KraussMaffei Group’s headquarters will remain in Munich and the operating and corporate responsibility for the Company will stay in Europe. This applies in particular to production, technology, patents as well as research and development. The KraussMaffei Group will continue to operate as a German company with a Supervisory Board based on co-determination. All existing collective agreements and location-based commitments will remain unchanged.
From the left: Ting Cai, Chairman and CEO, China National Chemical Equipment Co. Ltd. (CNCE), Dr. Frank Stieler, CEO, KraussMaffei Group, Chen Junwei, CEO, ChemChina Finance Co. Ltd.
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