The wave of consolidations that swept the plastics world in 2015 (Plasteurope.com has reported extensively) continues to bring change as the new year gets underway. After unconfirmed media reports (see Plasteurope.com of 11.01.2016), it is now official: German plastics machinery maker KraussMaffei Group (KM, Munich; www.kraussmaffei.com) will have a new Chinese owner. China National Chemical Corporation (ChemChina, Beijing / China; www.chemchina.com.cn) is paying investor Onex (Toronto / Canada; www.onex.com) EUR 925m for the group, which will continue to operate in its existing corporate structure – including its main brands KraussMaffei, KraussMaffei Berstorff and Netstal. Both workers and their representatives welcomed the takeover.

ChemChina chairman Jianxin Ren said the company plans to maintain KM’s identity and independence, adding that, “We are investing in the Company’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, to become a pioneer in achieving the ‘Made in China 2025’ programme, which aims to enhance Chinese industry.” Under the programme, state-owned Chinese enterprises are to be improved to prepare them to venture out into the international markets – a trend that will likely pick up speed once the country passes its next Five-Year Plan this year.

Both KM’s existing management and the top leadership at ChemChina said they expect the takeover to accelerate the machinery maker’s growth strategy, particularly in China, where the new owner can provide easier market access. KM’s headquarters will remain in Munich, and the company’s corporate and operating responsibility will continue to rest in Europe. KM said that it would uphold all existing agreements and location-based commitments, adding that it is planning to increase its workforce in 2016, including in Germany. The company currently has a global workforce of 4,500, of which 2,800 are based in its home country.

ChemChina is one of China’s leading thermoplastics producers. The company, which posted revenues of EUR 37 bn in 2015, has about 140,000 employees, of which about 45,000 are located outside of China. ChemChina has been steadily expanding its global reach, most recently with the purchase of Italian tire producer Pirelli. Last year, Russian oil and petrochemical group Rosneft (Moscow; www.rosneft.com) acquired a 30% stake in the Beijing-based group (see Plasteurope.com of 10.09.2015).