French Fives group set to acquire MAG IAS LLC and Forest-Liné

In support of the Forest-Liné purchase, a 62% shareholding held by holding company MAG Europe (MAG Europe GmbH) will be to be sold to Fives – the acquired MAG Americas holds the other 38%. The MAG group takes in machine tool brands Boehringer, Cross Hüller, Ex-Cell-O, FMS, Hessapp, Honsberg, Hüller Hille, Modul and Witzig & Frank. Collectively, MAG Americas and MAG Europe have about 3,500 employees at 34 facilities in the USA, Germany, France, China, India, Korea, Russia, UK, Switzerland and Hungary. MAG generated revenue of $1.3 billion (£865 million) in 2011; French group Fives had a turnover of €1.268 billion (£1.1 billion) in 2011. Fives is located in nearly 30 countries and has more than 6,100 employees across six continents. Fives is, in fact, owner of Keighley-based Cinetic Landis, a specialist in the manufacture of camshaft and crankshaft grinding machines. MAG has a location in the UK, at Birmingham, and this stays with the MAG Europe side. The sale to Fives takes in the aerospace activities and related locations of MAG IAS LLC, which means, in addition to Forest-Liné, the Cincinnati and Giddings & Lewis machine tool brands. The announcement says that the automotive activities of MAG IAS LLC, as well as the subsidiary in India, are not part of the anticipated sale "and will remain with the MAG group, in order to maintain the global automotive activities under the MAG brand". The automotive focus of MAG Europe remains, emphasises the release: "With this sale, MAG Europe continues its restructuring program focusing on its core competencies as automotive and industrial equipment solutions provider." Holding company MAG Europe GmbH is described as comprising leading machine tool and systems companies with locations in Germany, China, Hungary, Korea, Switzerland, and Russia. The group was formed in 2005, based on brands such as Boehringer, Cross Hüller, Ex-Cell-O, FMS, Hessapp, Honsberg, Hüller Hille, Modul and Witzig & Frank. MAG Europe subsidiary MAG IAS GmbH, based in Göppingen, Germany, has more than 1,600 employees at five manufacturing plants in Germany. There is also a further manufacturing plant in China.