ChemChina buys German machinery maker

The China National Chemical Equipment Corporation (ChemChina), has agreed to buy German plastics and rubber processing machinery manufacturer KraussMaffei from private equity firm Onex for €925 million (£697 million). ChemChina claims the transaction is the largest investment in Germany by Chinese companies.

KrausMaffei has been expanding its Asian business over the last few years, and chief executive Frank Stieler expects this to continue. ‘As part of ChemChina, we expect to considerably accelerate our growth strategy, especially in China and Asia, and to further strengthen the company in Germany and Europe,’ he said. 

KraussMaffei’s operating headquarters will remain in Munich, current management and employees will be retained, and its current corporate structure maintained.