UPDATE 1-ChemChina-led group buys German chemical firm for $1 bln
* Purchase is biggest Chinese investment in Germany
* Buyers include ChemChina, PE firm AGIC
* ChemChina adds KraussMaffei to Pirelli purchase (Adds previous Chinese deals in Germany, AGIC comments)
By Elzio Barreto
HONG KONG, Jan 11 (Reuters) - A group of Chinese investors including China National Chemical Corp (ChemChina) agreed on Monday to buy KraussMaffei Group GmbH for 925 million euros ($1.01 billion), in the biggest-ever Chinese investment into Germany.
The group, which also included Guoxin International Investment Corp and private equity firm AGIC Capital, agreed to buy the plastics processing machinery maker from Canada's Onex Corp, AGIC and Onex said in separate statements, confirming a Reuters report on Jan 7.
The amount surpassed the previous record for Chinese investment in Germany set in 2012 when construction firm Sany Heavy Industry Co Ltd bought concrete pump maker Putzmeister Holding GmbH for $698 million, Thomson Reuters data showed.
The deal also marked the most recent example of Chinese firms looking to improve technology, know-how and branding with overseas acquisitions.
"We see big opportunities in industrial development, particularly in intelligent manufacturing," said Henry Cai, a former China dealmaker at Deutsche Bank and UBS that launched AGIC Capital in 2015. Continued...