(Pleased about the signing of the contract for the change of ownership of the KraussMaffei Group (left to right): Ting Cai, Chairman and CEO of the China National Chemical Equipment Co. Ltd. (CNCE), Dr. Frank Stieler, CEO of the KraussMaffei Group, and Chen Junwei, CEO of the ChemChina Finance Co. Ltd.)
China National Chemical Corporation (ChemChina) finalised the acquisition from Onex Corporation on April 29th 2016 following the necessary regulatory approvals.
KraussMaffei is now ChemChina’s principal business entity in the operating and managing of related machinery enterprises. Drawing strengths from both sides, KraussMaffei will continue to develop and compete in the international market.
Jianxin Ren, Chairman of ChemChina, stated: "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."
Frank Stieler, CEO of the KraussMaffei Group, added: "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."
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 provide services to the world’s top 10 tyre 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," said Stieler.
The acquisition of the KraussMaffei Group by ChemChina from Onex was announced in early January 2016.
