China National Chemical Corporation (ChemChina) is planning to boost its German subsidiary enterprise KraussMaffei by listing it on a Chinese stock exchange. The group’s asset structure is to be changed for this reason so that KraussMaffei will technically join the Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd, ChemChina’s subsidiary whose shares are already traded in Shanghai.
The disclosed details of the upcoming issue are the following:
- There will be but some minor changes in KraussMaffei everyday activities.
- KraussMaffei will actually sum up 85% of Qingdao Tianhua Institute of Chemistry Engineering value after the realignment.
- Apart from KraussMaffei three more ChemChina’s assets are to be moved under Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd.
KraussMaffei is rapidly developing and the listing will help to stimulate its advancement by getting additional funding at the Chinese stock market.
While IG Metal, both German and European largest industrial trade union is friendly to ChemChina’s plans, the planned transaction is yet to be approved by Chinese regulators in the course of several months.
About KraussMaffei
KraussMaffei Group GmbH is one of the leading global providers of injection molding, plastics extrusion and reaction process machinery. The company has its headquarters in Munich, Germany and over 60 locations in different countries with 5 000 people employed all over the world. KraussMaffei was acquired by China National Chemical in 2016.
About ChemChina
China National Chemical Corporation is a wholly state-owned integrated company uniting companies formerly controlled by the Chinese Ministry of Chemical Industry as well as many acquisitions made all over the world. It is headquartered in Beijing. It has a staff of 160,000 people, more than half of them are employed out of China.
