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Fives completes MAG Americas buy

Fives, based in Paris, France, has completed its acquisition of MAG Americas. The acquisition includes three MAG machine tool operations: Cincinnati, Giddings & Lewis and Forest-Liné.

Frederic Sanchez, President of the Executive Board of Fives, said:

"The technological expertise gained through the acquisition of MAG Americas is key to successfully support and achieve the innovation strategies and requirements of our major customers. The acquisition strengthens our global presence. It provides us with new opportunities in emerging markets and a greater footprint in the United States."

The 1,000 employees of MAG Americas, based in the United States, France, Canada, China, Korea and Russia. will join the 6,500 Fives’ employees in 30 countries. In 2012, MAG Americas has sales of approximately $400 million, 67 percent of which was achieved in the United States.

Posted 7/30/2013 

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