ChemChina completes sale of KraussMaffei

China National Chemical Corp., also known as ChemChina, has completed the acquisition of  KraussMaffei Group. ChemChina owns plastics, rubber and chemical machinery manufacturing businesses in China; many of those businesses will be integrated into KraussMaffei.

The sale, announced in January, saw the Chinese conglomerate acquire Munich-based KraussMaffei for about $1 billion from Onex Corp., a private equity firm based in Toronto that had owned KraussMaffei since 2012. ChemChina, with revenue of $45 billion in 2015, has described itself as a long-term investor in KraussMaffei.