ChemChina is to acquire the KraussMaffei Group for €925m (US$1bn). The company’s headquarters will remain in Munich, Germany, and its other operations will also stay in Europe. This applies in particular to production, technology and patents as well as research and development. At present, KraussMaffei has approximately 4,500 employees globally, of which 2,800 are based in Germany. Plans are to increase this workforce in 2016.
“We are investing in the company’s management team and its technological expertise, which we believe will benefit our Chinese subsidiaries and position ChemChina’s chemical machinery business, which builds and sells equipment for the rubber and chemical industry, to become a pioneer in achieving the Made in China 2025 program, which aims to enhance the Chinese industry,” said Jianxin Ren, chairman of ChemChina. “The growth potential of the KraussMaffei Group is tremendous, especially through improved access to the Chinese market, which we can make possible.”
Frank Stieler, CEO of the KraussMaffei Group, commented, “Following Onex’s acquisition in late 2012, the KraussMaffei Group has achieved strong growth and had a very successful year in 2015. As part of ChemChina, we expect to considerably accelerate our growth strategy, especially in China and Asia, and to further strengthen the company in Germany and Europe.”
In China, the company is expected to benefit in particular from the trend towards higher quality and sustainability.
January 12, 2016
