KraussMaffei Group(KM), a major global plastics machinery company, will soon have a new owner: state-owned China National Chemical Corp.

ChemChina called KraussMaffei “the Rolls-Royce” in the polymer machinery industry.

KM, ChemChina and Onex Corp., the Toronto-based private equity firm that has owned KM since 2012, announced the deal Jan. 10.

ChemChina highlighted that this is the single largest investment that a Chinese company has ever made in Germany.

In their announcements, both ChemChina and KM CEO Frank Stieler described the prospective new owner as a long-term investor — a contrast from KM’s last two private equity ownership groups. Chemical companies have some of the longest-term investment cycles, he said in a conference call Jan. 11.

“With ChemChina, we have found a strategic and long-term oriented investor who has been interested in our company for many years,” Stieler said in a news release.

KM will continue to operate in its current corporate structure, and will remain in Munich, and all current KM locations will remain in operation, he said.

ChemChina, a state-owned-enterprise, said its existing machinery subsidiary — China National Chemical Equipment Co. Ltd. — and KraussMaffei have complementary product portfolios and markets. In addition, they are strategically and organizationally aligned with compatible management and cultures, allowing for significant synergies.

ChemChina Chairman Ren Jianxin said in a statement: “We are strengthening our company with one of the leading global engineering groups, encompassing a 178-year corporate history. In doing so, we expect that KraussMaffei Group will maintain its identity and independence.”

ChemChina claims to be China’s largest exporter of rubber machinery.

Ren said the deal is also an implementation of China’s “One Belt One Road” and “international production capacity cooperation” initiatives.