Netstal Brand Returns, KraussMaffei Transfers Machine Maker Into Independent Unit

The KraussMaffei Group (Munich) will transfer all activities of the former KraussMaffei High Performance AG into an independent unit effective Oct. 1, 2021. This business will operate under the traditional name Netstal with Renzo Davatz acting as CEO. Davatz, who has been with Netstal since 1999, became CEO of the company under KraussMaffei in 2016. He will report to KraussMaffei CEO Michael Ruf.

KraussMaffei said in a release that this new subgroup will manage Netstal’s machine sales and service business worldwide from its subsidiaries. Ruf said in the release that this move satisfies the wishes of its customers and will improve service. “We are convinced that in the future Netstal will be able to respond to customers and their applications with even greater focus than before,” Ruf said, “and offer them the added value for which the Netstal brand has stood for many decades.”

Netstal has been situated in the same portfolio as KraussMaffei going back to 1992. At that time, Krauss-Maffei AG, under the ownership of the former Mannesmann Plastics Machinery, acquired a majority share of Netstal-Maschinen AG. In 2016, China National Chemical Corp. (ChemChina) acquired KraussMaffei Group from Toronto-based Onex Corp. At the time, Onex said it sold the company to ChemChina for a cash enterprise value of $1.0 billion. Onex had acquired KraussMaffei in December 2012 for $358 million. In 2008, the Mannesmann Group was dissolved and KraussMaffeiAG was created. Mannesmann acquired a majority stake in KraussMaffei in 1989.