After all regulatory approvals were given, China National Chemical Corporation (ChemChina, Beijing / China; www.chemchina.com.cn) on 29 April completed its takeover of German plastics machinery maker KraussMaffei Group (KM, Munich; www.kraussmaffei.com). The almost EUR 1 bn deal was first announced in January (see Plasteurope.com of 11.01.2016).

Following the completion, KM will now become the main business entity operating and managing machinery enterprises for ChemChina, whose existing rubber machinery and related businesses will be integrated into the German group. “KraussMaffei Group will instill the robust German Industry 4.0 gene and the manufacturing tradition of craftsmanship into ChemChina’s advanced manufacturing segment…thus complementing our shortcoming,” said ChemChina chairman Jianxin Ren. KM chief executive Frank Stieler added that, “The transaction will enable us to gain stronger access to the market of the Greater China region.” The CEO had said as much during the company’s recent press conference at “Chinaplas” (www.chinaplasonline.com) – see Plasteurope.com of 26.04.2016.

KM plans to hire new staff, especially in Germany. The new owner will significantly expand the group’s existing product portfolio, in particular in the tire production business, the Munich-based group said.