(Munich, April 29, 2016) China National Chemical Corporation (“ChemChina”) has successfully completed the acquisition of the KraussMaffei Group from Onex Corporation (“Onex”). 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. Drawing strengths from both sides, the KraussMaffei Group will continue to develop and compete in the international market.
“KraussMaffei Group will instill the robust 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 our shortcoming, and I think that this embodies the true meaning of supply-side reform, because here lies huge market demand”, said Jianxin Ren, Chairman of ChemChina.
“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. Securing this growth opportunity will also lead to an increase in our workforce outside China, particularly in Germany. The employee representatives and IG Metall welcome the change in ownership.
ChemChina has leading rubber and chemical machinery manufacturing businesses in China that provides services to the world’s top ten tire manufacturers. It has one of the leading chemical equipment R&D and production bases in China and its drying technology and equipment operate at the highest global standards.
“Through our strong management and technology skills we will be able to develop several fields and strengthen them to compete within the international market. We are thereby expanding our existing product portfolio, especially in the field of machines for the production of tires. The necessary steps will be initiated in the coming weeks”, Frank Stieler adds.
Michael Clauss, the German ambassador to China, noted in an interview that the German government welcomes foreign investment, and that German companies acquired by China are performing well, and relevant feedbacks have also reflected relatively high level of satisfaction.
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. In selecting investment opportunities, ChemChina focuses on exceptional management expertise as well as the quality and value of the acquired companies, and on gaining synergies in global markets.