Corporation News
ChemChina to Acquire the Global Leading Plastics and Rubber Machinery Manufacturer KraussMaffei
Source: ChemChina Date: 2016-01-11

China National Chemical Corporation ("ChemChina") announced its acquisition of the global leading plastics and rubber processing machinery manufacturer KraussMaffei Group from Onex Corporation ("Onex") for EUR925 million. This transaction is by far the largest investment in Germany by Chinese companies.

China National Chemical Equipment Corporation (CNCE), an affiliated company of ChemChina, and the KraussMaffei Group complement each other in respect of product offering and targeted markets. The two organizations are also compatible in terms of strategy, organisation, management and corporate culcture with significant potential business synergies. ChemChina has formed a consortium with Guoxin International Investment Corporation and AGIC Capital for this acquisition. Closing of this transaction is subject to anti-trust clearance.

"Through acquisition of a global leading plastics and rubber processing machinery manufacturer with 178 years of history, CNCE will accelerate its product offering and business integration," said Ren Jianxin, Chairman of ChemChina. "The KraussMaffei Group has significant development potential, especially in the important China market. We highly respect and trust its outstanding management team and superior Germany manufacturing technology as well as high-end brands. We will retain the current management and employees, and maintain the current corporate structure," added Chairman Ren.

The KraussMaffei Group's headquarters will remain in Munich and the operating and corporate responsibility for the Company will stay in Europe. This applies in particular to production, technology, patents as well as research and development.

Established in 1838, the KraussMaffei Group offers plastics and rubber processing machinery and total solutions under three brands – KraussMaffei, KraussMaffei Berstorff and Netstal, with capability to satisfy the customization demands from global customers. The KraussMaffei Group is known as the "Rolls-Royce" in this industry. The KraussMaffei Group has seen strong growth over the past few years. In 2014, the Group generated EUR1.11 bn revenue. Revenue in 2015 is expected to grow by 10%. The KraussMaffei Group has approximately 4,500 employees globally, of which 2,800 are based in Germany.  

"ChemChina is a strategic and long-term oriented investor who has maintained close communication and cooperation with us for many years. As part of ChemChina, we expect growth to accelerate considerably, especially in China and Asia with continuous growth in Germany and Europe”, said Frank Stieler, CEO of the KraussMaffei Group.

The labour union welcomes the change in ownership. "We consider the takeover as a significant opportunity for the KraussMaffei Group and its employees. We are confident that the career prospect and development of existing employees in Germany and Europe will be secured and further strengthened with support from ChemChina," commented Peter Krahl, Chairman of IG METALL in Munich and Vice-Chairman of the Supervisory Board of the KraussMaffei Group.

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About ChemChina

ChemChina was established in 2004 on the basis of the affiliated enterprises of the former Ministry of Chemical Industry. Headquartered in Beijing, ChemChina is the largest chemical groups in the People’s Republic of China with production, R&D and sales in 150 countries and regions. ChemChina is ranked 265th among the Fortune 500 companies and 9th in the global chemical industry. ChemChina is primarily engaged in materials science, life sciences, high-end manufacturing and basic chemicals businesses. In the high-end manufacturing segment, the China National Chemical Equipment Corporation (“CNCE”) is active in the rubber and chemical machinery businesses in China. ChemChina has successfully acquired 8 industry leading companies in France, the United Kingdom, Israel and Italy and others.

For more information: www.chemchina.com

About KraussMaffei Group

The KraussMaffei Group is among the world’s leading suppliers of machinery and systems for producing and processing plastics and rubber. Its products and services cover the whole spectrum of injection and reaction molding and extrusion technology, giving the company a unique position in the industry. The KraussMaffei Group is innovation-powered, supplying its products, processes and services as standard or custom solutions which deliver sustained added value along the customer’s value-adding chain. The company markets it’s offering under the KraussMaffei, KraussMaffei Berstorff and Netstal brands to customers in the automotive, packaging, medical, construction, electrical, electronics and home appliance industries. Continuing a long tradition of engineering excellence, the international KraussMaffei Group currently employs around 4,500 people. With a global network of more than 30 subsidiaries and more than 10 production plants, supported by around 570 sales and service partners, the company is close to customers around the world. The company has been headquartered in Munich since 1838.

For more information: www.kraussmaffeigroup.com

About Onex

Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. It has approximately $22 billion of assets under management, including $6 billion of Onex’ proprietary capital, in private equity and credit securities. With offices in Toronto, New York and London, Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.

Onex’ businesses have assets of $35 billion, generate annual revenues of $24 billion and employ approximately 146,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The company’s security filings can also be accessed at www.sedar.com.

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