KraussMaffei to be listed on Shanghai Stock Exchange
The KraussMaffei group is set to be listed on the Shanghai stock exchange by its owner ChemChina.
The injection moulding machine manufacturer will become a subsidiary of Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd, which is listed on the Shanghai stock exchange and a subsidiary of ChemChina.
In addition, ChemChina plans to integrate - amongst others - three sites for the production of tyres and rubber facilities into the listed entity. The transaction is subject to approvals by relevant bodies and regulators.
“KraussMaffei’s business would make up about 85 percent of the listed company,” said Frank Stieler, CEO of KraussMaffei. KraussMaffei would continue to expand the international business from Germany as well as drive the Chinese business locally.
Through the planned access to the Chinese capital market, KraussMaffei will be able to accelerate its growth in the mid-term. The company already increased its revenue for fiscal 2016 by five percent to 1.27 billion Euros and is hoping to cross the mark of 1.3 billion Euros in 2017. KraussMaffei has been under majority ownership of ChemChina since April 2016.
Growth to be accelerated
The planned transaction is the next step in the development of KraussMaffei following the acquisition by ChemChina.
“Through the planned transaction we are receiving access to the capital market. Through new financial resources we have the opportunity to continue to develop our company and accelerate our planned growth,” continued Stieler.
In the current fiscal year 350 new jobs are expected to be created. In August 2017 KraussMaffei globally exceeded the 5,000-employee mark.
ChemChina continues to hold its stakes in KraussMaffei
ChemChina says it will continue to support the future growth of KraussMaffei. “We have always believed in the growth potential of the company. Through a future listing on the Shanghai stock exchange, the perception of KraussMaffei will significantly increase in the Chinese market. Chinese investors appreciate German industrial workmanship as well as management competency,” said Jianxin Ren, Chairman of ChemChina.