ChemChina Completes Takeover of KraussMaffei
China National Chemical Corporation (ChemChina) has successfully completed the acquisition of the KraussMaffei Group, Munich, Germany, 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. ChemChina’s existing rubber machinery and related production businesses will integrate with the KraussMaffei Group.
“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."
“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.
ChemChina is China’s largest chemicals group. It generated revenues of around EUR 42.3 billion in 2015 with approximately 140,000 employees, of whom 48,000 are located outside China. ChemChina has leading rubber and chemical machinery manufacturing businesses in China that provide 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. 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.
KraussMaffei Technologies GmbH
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