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ChemChina to list German machinery unit in ShanghaiSyngenta owner ChemChina, in a rare move, plans to list its Munich subsidiary KraussMaffei Group GmbH in China.
ChemChina will accomplish the listing by injecting KraussMaffei’s nearly 6 billion yuan ($910 million) of assets into ChemChina’s Shanghai-listed subsidiary, Qingdao Tianhua Institute of Chemistry Engineering Co. Ltd., according to statements from both KraussMaffei and Qingdao Tianhua.
The German machinery giant will make up around 85% of the listed company, said Frank Stieler, CEO of KraussMaffei.
Read more at Caixin Global (Coco Feng)
Publication date: 12/13/2017
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