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Fives to acquire MAG Americas

Fives, a Paris-based industrial engineering group, has agree to acquire MAG Americas, a global supplier of machining solutions and composite processing. A subsidiary of the Europe-based MAG Group, MAG Americas focuses on large and complex parts machining solutions and composite processing. In 2012, MAG Americas has sales of $400 million, of which 67 percent was generated in North America.

This acquisition includes 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. It employs 1,000 people, located in the United States, France, Canada, China and South Korea. It also comprises a portfolio of more than 100 patents.

“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,” said Frédéric Sanchez, chairman of the executive board of Fives. “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.”

The acquisition is being carried out with the support of AXA Private Equity, Fives’ main stakeholder. Completion of the transaction is subject to customary closing conditions and regulatory approvals.

—Posted march 8, 2013

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