KraussMaffei Group sold to ChemChina

Onex Corporation has agreed to  sell KraussMaffei Group to China National Chemical Corporation ("ChemChina") for  EUR925 million. The transaction is expected to close in the first half of 2016 subject to customary closing conditions.

 

 

The Onex Group acquired the KraussMaffei Group for EUR276 million  in  December 2012. Upon completion of the transaction, the Onex Group will receive proceeds of approximately EUR670 million. Onex' portion of the proceeds will be approximately EUR180 million, including carried interest of EUR12 million.

 

The KraussMaffei Group is a leading global manufacturer of machinery and systems for producing and processing plastics and rubber. The transaction is expected to accelerate the growth of the company considerably in light of potential business synergies. 

 

ChemChina is China’s largest chemicals group, with generated revenues of around €37 billion in 2015 with approximately 140,000 employees, of whom 45,000 are located outside China. The group operates internationally and has a global expansion strategy, having acquired or invested in companies in Italy, France, Norway, the UK and Singapore in the last few years with the most recent acquisition being the high-end tire manufacturer Pirelli.