For this purpose, the munich-based company is to be integrated into a chemchina company already listed there, as both sides announced on monday. Chemchina also contributes three chinese plants for the production of machinery for tire and rubber production.
Not involved in the borsengang is the rustic company krauss-maffei wegmann, which shares the name with the munich-based machine builder. "The planned transaction will give us access to the capital market and, with new financial resources, enable us to further develop our company and accelerate the planned growth," said kraussmaffei CEO frank stieler.
Chemchina to remain majority shareholder, kraussmaffei headquarters to remain in munich. The chinese had taken over the majority of the specialist for tire and rubber production plants in april 2016.
The company has the same roots as the panzerschmiede, but both work independently of each other. Currently, more than 5,000 employees work for the plastics machinery manufacturer; this year sales are expected to climb from 1.27 billion euros last year to over 1.3 billion euros. The listing on the stock exchange is still subject to approval by the chinese authorities.
Employee representatives and the IG metall union buried the move. "Further improving access to the chinese market will create further growth, securing existing jobs in germany and europe," peter krahl, head of the works council, said according to the release.