China National Chemical Corporation has acquired KraussMaffei Group, a manufacturer of plastic processing machines, for a cash enterprise value of €925 million from private equity firm the Onex Group. The transaction is expected to close in the first half of 2016 subject to customary closing conditions.

"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 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," added Frank Stieler, CEO of KraussMaffei.