Fives Agrees to Acquire MAG Americas
8. March 2013
Fives (Paris, France) has entered into an agreement to acquire MAG Americas, a global supplier of high-performance machining solutions and composite processing. As a subsidiary of the MAG Group, MAG Americas provides large and complex parts machining solutions and composite processing for aerospace, oil and gas, mining, agriculture and off-road-vehicle industries.
This acquisition encompasses several business units: Giddings & Lewis, Cincinnati and Forest-Liné, specializing in composite processing and large metal cutting machines, as well as a unit dedicated to aftermarket services.
Frédéric Sanchez, chairman of the executive board of Fives, says, “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 five 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 well-positioned North American industry and opening to new opportunities for development in emerging countries.”
Completion of the transaction is subject to customary closing conditions and regulatory approvals.