KraussMaffei is seeking to accelerate growth through access to the Chinese capital market, completing its listing on the Shanghai stock exchange.
The listing occurred through the transfer of ChemChina’s stake in KraussMaffei to ChemChina’s majority owned subsidiary THY.
GongKai
In addition, THY has taken over ChemChina’s production site in Sanming, China, and new injection moulding machines for the Chinese market will be manufactured at the site.
The new integrated mechanical engineering company will be lead by Dr. Frank Stieler, the CEO of KraussMaffei, and Dr. Harald Nippel, the CFO, and the combined business will operate under the KraussMaffei brand.
Dr. Frank Stieler said: “We are very happy, something big is being created. We now have the opportunity to drive our growth even faster and better. The listing process provides us with access to the Chinese capital market. This step will significantly strengthen us in China as well as globally. With the additional production site in Sanming we can further expand our presence in China. At the same time, we will drive our international business from Germany.”