- ChemChina expects that KraussMaffei will maintain its identity and independence
- Strategic and long-term oriented investor
- KraussMaffei Group locations will remain, number of jobs expected to increase
China’s leading chemicals group, China National Chemical Corporation (“ChemChina”), has agreed to acquire KraussMaffei Group from Onex Corporation (“Onex”) for a cash enterprise value of €925million. The transaction is subject to closing conditions including customary regulatory approvals. ChemChina together with GUOXIN International Investment Corporationand AGIC Capital will make this acquisition.
ChemChina expects that KraussMaffei Group will maintain its identity and independence
“With ChemChina, 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 KraussMaffei Group. The KraussMaffei Group will continue to operate in its current corporate structure.
“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 KraussMaffei Group will maintain its identity and independence,” said Jianxin Ren, Chairman of ChemChina.
Growth expected to accelerate, especially in China and Asia
As part of ChemChina, KraussMaffei expects to accelerate its 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.
Locations remain – increase in jobs planned for Germany in 2016
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. The KraussMaffei Group will continue to operate as a German company with a Supervisory Board based on co-determination. All existing collective agreements and location-based commitments will remain unchanged. At present, the Company has approximately 4,500 employees globally, of which 2,800 are based in Germany. The Company intends to increase its workforce in 2016, including in Germany.
ChemChina is China’s largest chemicals group, having 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 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.