China National Chemical Corporation is promoting KraussMaffei Group Co., Ltd. in the Shanghai Stock Exchange listing plan.
At a news conference, China National Chemical said KraussMaffei will become a subsidiary of Qingdao Tianhua Chemical Engineering Co., Ltd. Qingdao Tianhua Hospital is a Chinese manufacturer of industrial equipment for tires and rubber products.
Qingdao Tianhua Hospital, a subsidiary of China National Chemical Corporation, is listed on the Shanghai Stock Exchange and the company achieved sales of about RMB 476 million (about US $ 72 million) in FY 2016. KraussMaffei CEO Frank- Frank Stieler said KraussMaffei's business will account for about 85% of the listed company.
The deal includes the inclusion of KraussMufi's stake in Qingdao Tihua Wah Hospital, subject to the approval of the relevant Chinese regulatory authorities, which will be reviewed in the coming months.
Stiller said at a press conference: 'With this planned transaction, KraussMaffei is allowed to enter the capital market and with the new financial resources we have the opportunity to continue developing our company and speeding up our program Increase
If listed, KraussMufi's headquarters will continue to be based in Munich, with sales of approximately € 1.3 billion (US $ 1.5 billion) in FY16 and a workforce of more than 5000. China National Chemical will continue to control Crawns Sima Fei's operations.
Ren Jianxin, chairman of China National Chemical Corporation, said in a statement: 'Through the future listing of the Shanghai Stock Exchange, KraussMaffei will significantly increase awareness of the Chinese market.China's investors appreciate the German industrial skills and Management skills.
In April 2016, ChemChina acquired KraussMaffei for 925 million euros (about 1.09 billion U.S. dollars).