Shenyang Chemical Industry : ChemChina completes takeover o…

- Completion follows receipt of all required regulatory approvals

- The KraussMaffei Group will become the principal business entity in the operation and management of related machinery enterprises for ChemChina

- ChemChina's existing rubber machinery and related production businesses will integrate with the KraussMaffei Group

(Munich, April 29 2016) China National Chemical Corporation ('ChemChina') has successfully completed the acquisition of the KraussMaffei Group from Onex Corporation ('Onex'). All relevant regulatory approvals have been achieved. In the future, the KraussMaffei Group will be ChemChina's principal business entity in the operating and managing of related machinery enterprises. Drawing strengths from both sides, the KraussMaffei Group will continue to develop and compete in the international market.

'KraussMaffei Group will instill the robust German Industry 4.0 gene and the manufacturing tradition of craftsmanship into ChemChina's advanced manufacturing segment, so as to provide integrated solutions to more customers around the world, especially in the emerging markets, thus complementing our shortcoming, and I think that this embodies the true meaning of supply-side reform, because here lies huge market demand', said Jianxin Ren, Chairman of ChemChina.

'The transaction will enable us 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', said Frank Stieler, CEO of the KraussMaffei Group. Securing this growth opportunity will also lead to an increase in our workforce outside China, particularly in Germany. The employee representatives and IG Metall welcome the change in ownership.

ChemChina has leading rubber and chemical machinery manufacturing businesses in China that provides services to the world's top ten tire manufacturers. It has one of the leading chemical equipment R&D and production bases in China and its drying technology and equipment operate at the highest global standards.

'Through our strong management and technology skills we will be able to develop several fields and strengthen them to compete within the international market. We are thereby expanding our existing product portfolio, especially in the field of machines for the production of tires. The necessary steps will be initiated in the coming weeks', Frank Stieler adds.

Michael Clauss, the German ambassador to China, noted in an interview that the German government welcomes foreign investment, and that German companies acquired by China are performing well, and relevant feedbacks have also reflected relatively high level of satisfaction.

The acquisition of the KraussMaffei Group by ChemChina from Onex was announced in early January 2016. ChemChina effected this acquisition together with its partners CNIC Corporation Limited and AGIC Capital.

ChemChina is China's largest chemicals group. It generated revenues of around €42.3 billion in 2015 with approximately 140,000 employees, of whom 48,000 are located outside China. The group operates internationally with a global strategy, having acquired companies in France, Australia, the UK, Israel, Norway and Italy in the last few years with the most recent acquisition being the high-end tire manufacturer Pirelli. In selecting investment opportunities, ChemChina focuses on exceptional management expertise as well as the quality and value of the acquired companies, and on gaining synergies in global markets.

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Press contact:

ChemChina

Mr. Ren Kan

Director of Public Relations

Tel.: [phone]

E-mail: [e-mail]

KraussMaffei Group

Imre Szerdahelyi

Head of Corporate Communication and Marketing

Tel.: [phone]

E-mail: [e-mail]

About ChemChina

ChemChina was established in 2004 on the basis of the affiliated enterprises of the former Ministry of Chemical Industry. Headquartered in Beijing, ChemChina is one of the largest chemicals groups in the People's Republic of China with production, R&D and sales in 150 countries and regions. ChemChina is ranked 265th among the Fortune 500 companies and 9th in the global chemicals industry. ChemChina is primarily engaged in materials science, life sciences, advanced manufacturing and basic chemicals businesses. In the advanced manufacturing segment, the China National Chemical Equipment Corporation ('CNCE') is active in the rubber and chemicals machinery businesses in China. ChemChina has successfully acquired 8 industry leading companies in France, the United Kingdom, Israel and Italy and others.

For more information: www.chemchina.com

About KraussMaffei Group

The KraussMaffei Group 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 KraussMaffei Group is innovation-powered, supplying its products, processes and services as standard or custom solutions which deliver sustained added value along the customer's value-adding chain. 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. KraussMaffei has been headquartered in Munich since 1838.

For more information: www.kraussmaffeigroup.com

About Onex

Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $22.5 billion of assets under management, including $6.0 billion of Onex' proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.

Onex' businesses have assets of $36 billion, generate annual revenues of $22 billion and employ approximately 144,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company's security filings can also be accessed at www.sedar.com.