KraussMaffei Group acquired by ChemChina for EUR 925 mln

German plastics machinery maker KraussMaffei Group will have a new Chinese owner. The leading Chinese chemical company China National Chemical Corporation (ChemChina) accepts the KraussMaffei Group of the Canadian Onex Corporation (Onex). The companies present value amounts to 925 million euros. The transaction is subject to customary closing conditions and the approval of the competent authorities. The KraussMaffei Group is a leading global manufacturer of high quality machines and equipment for production and processing of plastics and rubber. The company will accelerate its growth in the context of possible synergies through this transaction significantly. ChemChina is together with Guoxin International Investment Corporation and Capital AGIC perform this transaction. ChemChina is a strategic and long-term investor. "With ChemChina we gain a strategic and long-term investor who is interested in for many years for our company," said Frank Stieler, CEO of KraussMaffei Group. The KraussMaffei Group will continue in their existing structure. "We will strengthen our company with a leading machine builders, which has a 178 year tradition. We attach great importance to ensuring that the KraussMaffei Group retains its identity and independence, "said Ren Jianxin, Chairman, ChemChina. "We appreciate the great management and technology expertise of the company very and believe that we can use this for some of our subsidiaries in China. Thus, we will position the business in chemical plant of ChemChina better. The business should become a flagship company in the program "Made in China 2025". With this program, the basis for the further development of Chinese industry is created. The growth potential for the KraussMaffei Group is enormous - in particular through improved market access in China, we can allow. We expect that the developments in the automotive industry have great potential. The progressive automation in the automobile production and the trend toward lightweight materials will have a positive impact on the premium segment in the field of injection molding technology. Together ChemChina and the KraussMaffei Group is very well positioned to continue to grow, "he said. "Since the entry of Onex end of 2012, the KraussMaffei Group has grown rapidly and has also developed very successfully in 2015. We expect that we will accelerate with ChemChina our growth path, especially in China and Asia. Thus, the company is significantly strengthened in Germany and Europe, "says Stieler. In China, the company mainly benefits from the trend towards higher quality and sustainability. Here, the machinery and equipment of the three brands KraussMaffei, KraussMaffei Berstorff and Netstal are particularly suited to meet the increasing demands of customers. The KraussMaffei Group can accelerate significantly in the course of the transaction, its expansion goals for China. "An accelerated growth will have lasting positive effects for the company worldwide. We have a strong foundation and will build on our own strengths. Overall, we will create jobs worldwide, "said Stieler. The brands KraussMaffei, KraussMaffei Berstorff and Netstal will continue and are in the future for the highest quality and value. The headquarters of the KraussMaffei Group remains in Munich as well as the operational and corporate responsibility in Europe. This is particularly true for production, technology, patents and research and development. The KraussMaffei Group will continue to operate as a German company with mitbestimmtem Supervisory Board. All existing tariff and location commitments continue to apply unchanged.