ChemChina to buy German machine maker KraussMaffei

ChemChina plans to purchase German plastics molding machine maker KraussMaffei in the most expensive takeover of a German company by a Chinese firm in history.

ChemChina, the largest chemicals company in China, will pay the current owner of KraussMaffei, Canadian private equity investor Onex, 925 million euros (1.011 billion dollars) for the Munich-based company.

"The growth potential of the KraussMaffei Group is tremendous, especially through improved access to the Chinese market, which we can make possible," said Jianxin Ren, Chairman of ChemChina, in a statement.

ChemChina does not plan to close production facilities at KraussMaffei as part of the deal and will increase staff in Germany in 2016.

Kraussmaffei has about 4,500 employees worldwide and generated a revenue of about 1.1 billion euros in 2014.

The deal is still pending approval from authorities.

Last update: Mon, 11/01/2016 - 14:31

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