Equipment manufacturer KraussMaffei announced that in 2017, group sales increased by 8% to a record 1.37 billion euros. The company attributed the growth to the growth in demand in the Chinese market. CEO Frank Stiller Said: 'We successfully broke through the 2016 track record, sales revenue and orders have set a new high. Due to the entry of Sinochem Group, we have in-depth penetration of the Chinese market.'
KraussMaffei was acquired by Sinochem Group in 2016, enabling the company to penetrate the Chinese market even further. Steele said: 'Our injection molding machine and reaction process technology segments have particularly benefited from the growth in demand in the Chinese market.'
In order to maintain growth, the company announced on March 20 that it will invest approximately 67 million euros in updating injection molding equipment, information technology infrastructure and software.
The group said that the investment amount has increased by 81% compared to 2017. The company also plans to better plan its products to meet the needs of different regions.
The group also reported that the plans announced earlier to be listed will still be subject to the approval of China’s relevant authorities and the China Securities Regulatory Commission.