CHINA - China National Chemical Corporation (ChemChina) is acquiring German plastics and rubber machinery manufacturer KraussMaffei Group from Onex Corporation for €925million.
The acquisition, made by ChemChina together with Guoxin International Investment Corporation and AGIC Capital, is subject to closing conditions including customary regulatory approvals
For ChemChina, the largest chemicals group in China, the deal is expected to accelerate the growth of the company considerably in light of potential business synergies.
Jianxin Ren, Chairman of ChemChina, said, “We are investing in KraussMaffei Group’s strong management team and its technological expertise, which we believe will benefit our Chinese subsidiaries and position the chemical machinery business of ChemChina, which build and sell equipment for the rubber and chemical industry."
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