Newspaper article International New York Times

ChemChina to Buy German Machinery Maker

Newspaper article International New York Times

ChemChina to Buy German Machinery Maker

Article excerpt

One of China's largest chemical companies is acquiring the German company from Onex, a Canadian private equity firm.

The China National Chemical Corporation said on Monday that it would buy the KraussMaffei Group, a German manufacturer of plastics and rubber processing machinery, for about $1 billion.

The state-owned China National Chemical, known as ChemChina, has formed a consortium with the Guoxin International Investment Corporation and AGIC Capital to pay 925 million euros for KraussMaffei. The German company is owned by Onex, a Canadian private equity firm, and the sale is the biggest investment by a Chinese company in a German one.

"The KraussMaffei Group has significant development potential, especially in the important China market," Ren Jianxin, the chairman of ChemChina, said in a news release. "We highly respect and trust its outstanding management team and superior Germany manufacturing technology, as well as high-end brands. …

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