Fives has entered into a agreement to purchase MAG Americas, a global supplier of machining solutions and composite processing.
The acquisition encompasses several business units: Giddings & Lewis, Cincinnati and Forest-Liné, specialising in composite processing and large metal cutting machines, as well as a unit dedicated to aftermarket services. It employs around 1,000 people, located in the United States, France, Canada, China and South Korea. It also comprises a portfolio of more than 100 patents.
A subsidiary of the MAG Group, MAG Americas is positioned in the high-end segment of large and complex parts machining solutions and composite processing. The company has developed strong links within the aerospace, oil & gas, mining, agriculture and off-road vehicles sectors. In 2012 the company had a turnover of around $400m, of which 67% was generated in North America.
This acquisition marks another step forward in the development of our Group, which will add to its portfolio the innovative know-how of more than 1,000 employees located in 5 different countries. As a global supplier of superior and innovative technologies and products, MAG Americas perfectly matches Fives’ strategy to focus on high value-adding industries, such as aerospace. Through this combination, we are also reinforcing our exposure to a wellpositioned North American industry and opening to new opportunities for development in emerging countries.
Frédéric Sanchez Chairman of the Executive Board of Fives
This acquisition is being carried out with the full support of AXA Private Equity, Fives’ main stakeholder, which contributes to this new step in Fives’ development.
Completion of the transaction is subject to customary closing conditions and regulatory approvals.[rssless]
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