ChemChina completes takeover of KraussMaffei Group

China  National  Chemical  Corporation  (ChemChina)  has  successfully completed  the  acquisition  of  the  KraussMaffei  Group  from  Onex  Corporation  (Onex) after all regulatory approvals have been obtained. In the future, the KraussMaffei Group will be ChemChina’s  principal  business entity in the operating and managing of related machinery enterprises.

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,  said Jianxin Ren, Chairman of ChemChina.

Frank Stieler, CEO of the KraussMaffei Group added that the transaction will enable KraussMaffei to gain stronger access to the market of the  Greater China Region. The Group intends to accelerate its growth in Asia and particularly in China.

ChemChina has leading rubber and chemical machinery manufacturing businesses in China providing 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.    

Michael Clauss, the German ambassador to China, said 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.