Plastics Machinery China's leading chemicals group to acquire Krauss-Maffei
Germany/China – China National Chemical Corporation (Chem-China), has agreed to acquire Krauss-Maffei Group from Onex Corporation for a cash enterprise value of €925m, the companies announced. The transaction is subject to closing conditions including customary regulatory approvals.
The transaction is expected to accelerate the growth of the company considerably in light of potential business synergies.
The Krauss-Maffei Group is a leading global manufacturer of high-quality machinery and systems for producing and processing plastics and rubber. “With Chem-China, we have found a strategic and long-term oriented investor who has been interested in our company for many years,” said Frank Stieler, CEO of the Krauss-Maffei Group.
“We are strengthening our company with one of the leading global engineering groups, encompassing a 178-year corporate history. In doing so, we expect that Krauss-Maffei Group will maintain its identity and independence,” said Jianxin Ren, chairman of Chem-China. “We are investing in the company’s strong management team and its technological expertise, which we believe will benefit our Chinese subsidiaries and position the chemical machinery business of Chem-China, which build and sell equipment for the rubber and chemical industry, to become a pioneer in achieving the “Made in China 2025” program which aims to enhance Chinese industry.
The growth potential of the Krauss-Maffei Group is tremendous, especially through improved access to the Chinese market, which we can make possible. We expect trends in the automotive industry towards advanced manufacturing and lightweight components will provide a huge development opportunity for the high-end plastic injection moulding industry. Together, Chem-China and the Krauss-Maffei Group will be well positioned for future growth,” added Jianxin Ren.