Machinery manufacturer China National Chemical Corporation (ChemChina) has acquired the KraussMaffei Group, a supplier of extrusion equipment, from Onex Corporation. The KraussMaffei Group will now be ChemChina’s principal business entity in the operating and managing of related machinery enterprises. Drawing strengths from both sides, the KraussMaffei Group will continue to develop and compete in the international market.
“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, thus complementing our shortcoming. I think that this embodies the true meaning of supply-side reform because here lies huge market demand,” said Jianxin Ren, chairman of ChemChina.
“The transaction will enable us to gain stronger access to the market of the Greater China region. We intend to accelerate our growth in Asia and particularly in China, which will also strengthen our company both in Germany and in the rest of Europe. Securing this growth opportunity will also lead to an increase in our workforce outside China, particularly in Germany,” said Frank Stieler, CEO of the KraussMaffei Group.
“Through our strong management and technology skills we will be able to develop several fields and strengthen them to compete within the international market. We are thereby expanding our existing product portfolio, especially in the field of machines for the production of tires.”
May 19, 2016