KraussMaffei to Be Listed on the Shanghai Stock Exchange
The Chinese company China National Chemical Corporation (ChemChina) is seeking to list its subsidiary KraussMaffei, Munich, Germany, on a stock exchange in China. To this end, KraussMaffei is to be brought into the Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd, which is listed on the Shanghai stock exchange and a subsidiary of ChemChina, by way of injecting its equity interest into an existing listed company under ChemChina.
In addition, it is planned to integrate amongst others three sites for the production of tires and rubber facilities from ChemChina into the listed entity. The transaction is subject to approvals by relevant bodies and regulators.
"KraussMaffei's business would make up about 85 percent of the listed company", said Dr. Frank Stieler, CEO of KraussMaffei. KraussMaffei would continue to expand the international business from Germany as well as drive the Chinese business locally. Through the planned access to the Chinese capital market, KraussMaffei will be able to accelerate its growth in the mid-term. The company headquarters of KraussMaffei remain in Munich, Germany. The German codetermination rights, the legal form of the company as well as employee and union agreements remain unchanged. The employee representatives and IG Metall therefore welcome KraussMaffei’s next step.
ChemChina remains actual controller of KraussMaffei and will continue to support the future growth of the company. “We have always believed in the growth potential of the company. Through a future listing on the Shanghai stock exchange, the perception of KraussMaffei will significantly increase in the Chinese market. Chinese investors appreciate German industrial workmanship as well as management competency,” said Jianxin Ren, Chairman of ChemChina.
KraussMaffei Technologies GmbH
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