Munich, Germany – KraussMaffei Group will step up its activities in the tire machinery market following the completion of its takeover by ChemChina on 29 April.
Post-acquisition, said a ChemChina statement, the Chinese company's existing rubber machinery and related production business will integrate with the KrausMaffei.
The German group will take the "necessary steps" to initiate that, according to KraussMaffei CEO Frank Stieler.
“We are expanding our existing product portfolio, especially in the field of machines for the production of tires,” Stieler added.
KraussMaffei’s new owner ChemChina claims to be the leading rubber and chemical machinery manufacturer in China providing services to the top ten global tire manufacturers.
The transaction, continued Stieler, will enable KraussMaffei to gain stronger access to the market of the Greater China Region.
“We intend to accelerate our growth in Asia and particularly in China, which will also strengthen our company both in Germany and in the rest of Europe,” Stieler noted.
Welcoming the new addition to the company, ChemChina chairman Jianxin Ren said KraussMaffei would become “the principal business entity” in the company’s machinery segment.
“KraussMaffei will instill the robust German Industry 4.0 gene… into ChemChina’s advanced manufacturing segment,” said Ren.
According to Ren, KraussMaffei will help ChemChin offer integrated systems to its customers, particularly in the emerging markets.
This, he said, would offer supply-side reform for ChemChina.
The acquisition of the KraussMaffei Group by ChemChina from Onex was announced in early January 2016. ChemChina effected this acquisition together with its partners CNIC Corporation Limited and AGIC Capital.