MUNICH, Germany—KraussMaffei Group will step up its activities in the tire machinery market following the completion of its takeover by ChemChina.
Post-acquisition, said a ChemChina statement, the Chinese company's existing rubber machinery and related production business will integrate with the KrausMaffei.
The German group will take the necessary steps to initiate that, according to KraussMaffei CEO Frank Stieler.
“We are expanding our existing product portfolio, especially in the field of machines for the production of tires,” Stieler said.
KraussMaffei's new owner ChemChina claims to be the leading rubber and chemical machinery manufacturer in China providing services to the top 10 global tire manufacturers.
The transaction, according to Stieler, will enable KraussMaffei to gain stronger access to the market of the Greater China Region.
“We intend to accelerate our growth in Asia and particularly in China, which will also strengthen our company both in Germany and in the rest of Europe,” Stieler noted.