Onex Corporation and its affiliates announced they have agreed to sell KraussMaffei Group to China National Chemical Corporation for a cash enterprise value of 925 million euros. The transaction is expected to close in the first half of 2016 subject to customary closing conditions.

The Onex Group made a 276 million euros investment in KraussMaffei Group in December 2012. Upon completion of the transaction, the Onex Group will receive proceeds of approximately 670 million euros. Onex’ portion of the proceeds will be approximately 180 million euros, including carried interest of 12 million euros.

“Over the past several years we’ve worked closely with KraussMaffei Group’s management team to improve the performance of the company, further strengthening its leadership position in the global plastic and rubber processing industries”, said David Mansell, a managing director of Onex. “We’re proud KraussMaffei Group was our first European-headquartered company since opening our London office in 2012. We’d like to thank all of KraussMaffei Group’s employees and management for their dedication and hard work”.

“We are grateful for Onex’ support of KraussMaffei Group, which included significant investments in key geographic regions and new product developments allowing us to achieve strong operating performance and has set the foundation for further growth”, commented Frank

Stieler, CEO of KraussMaffei Group.

Onex acquires companies in difficulty to restructure and resell them. Its portfolio includes other companies in the sector, such as Davis Standard, SIG Combibloc and, until 2011, also the Canadian Husky.

KraussMaffei has been headquartered in Munich since 1838. The company is among the world’s leading suppliers of machinery and systems for producing and processing plastics and rubber. Its products and services cover the whole spectrum of injection and reaction molding and extrusion technology, giving the company a unique position in the industry. The company markets its offering under the KraussMaffei, KraussMaffeiBerstorff and Netstal brands to customers in the automotive, packaging, medical, construction, electrical, electronics and home appliance industries. Continuing a long tradition of engineering excellence, the international KraussMaffei Group currently employs around 4,500 people. With a global network of more than 30 subsidiaries and more than 10 production plants, supported by around 570 sales and service partners, the company is close to customers around the world.