On April 29, China National Chemical Corporation ("China Chemical") announced that it had completed the settlement with the Onex Fund for the acquisition of the German KraussMaffei Group.
The transaction has been approved by all regulatory authorities.
In the future, KraussMaffei Group will become the main enterprise of China National Chemical Corporation in the operation and management of related machinery enterprises.
With the strength of both parties, the company will further develop and participate in the competition in the international market.
Ren Jianxin, chairman of China National Chemical Corporation, said that KraussMaffei Group will inject a strong "German Industry 4.0" gene into the advanced manufacturing sector of China's chemical industry and a "artisan spirit" with a manufacturing tradition.
KraussMaffei CEO Frank Stiller said the deal will provide better access to the Greater China market and help accelerate the company's growth in Asia, especially in China.
It is understood that the related new business will also promote the increase in the number of laborers outside China, especially in Germany. Therefore, for the change of ownership, KraussMaffei employees and the local metallurgical industry union (IG Metall) welcomed.
China National Chemical Corporation owns China's leading rubber machinery and chemical machinery manufacturing enterprises, serving the world's top ten tire companies, with China's first-class chemical equipment research and development and production base, drying technology and equipment ranks the world's advanced level.
With management and technical skills, KraussMaffei is able to continue to develop and strengthen certain business areas to compete in international markets, while also expanding its existing product range, especially tire production machinery.
Frank Stiller revealed that the company will launch the necessary procedures in the next few weeks.
German ambassador to China, Michael Clauss, said in an interview with the media that the German government welcomes foreign investment, that German companies acquired by Chinese companies are working well, and relevant feedback also expresses high satisfaction.
In early January of this year, China National Chemical Corporation announced the acquisition of the KraussMaffei Group owned by Canada's Onex Fund. China National Chemical Corporation, New International and Hande Capital, conducted the transaction.
China National Chemical Corporation is the largest chemical company in China. Its revenue in 2015 was approximately 42.3 billion euros, with approximately 140,000 employees, including 48,000 overseas employees.
China National Chemical Corporation has actively pursued an internationalization strategy. It has previously acquired eight leading companies in France, Australia, the United Kingdom, Israel, Norway and Italy.
In 2015, China Chemical completed the acquisition of Pirelli, a high-end tire manufacturer.
In the area of ​​equity investment, China National Chemical Corporation focuses on whether the acquired company has excellent management expertise, quality and values, and focuses on global market synergies.
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