MAG acquires Forest Liné

MAG Europe GmbH, with headquarters in Göppingen, the holding company responsible for MAG Group's European activities, has acquired 100% of the Forest Liné Group. Forest Liné specialises in manufacturing equipment for the aerospace, die and mould industries, large part machining, titanium and composites processing. The company is the technology leader in composite wing and wing box applications and operates sites in France, Germany, China and Canada, employing about 300 staff. Jean Bertrand Prot will continue as president and CEO of FLI and will join the executive board of MAG. MAG already counts among its brands Boehringer, Cincinnati Machine, Fadal, FMS, Giddings & Lewis, Hessapp, Honsberg, Hueller Hille, Ex-Cell-O, Cross Hueller, Lamb and Witzig & Frank, for example, and within the group it already boasts global leading composites technology. MAG's German operation, MAG IAS GmbH, has been operating a Composites Centre for advanced composites applications in Göppingen since 2009, and has also been developing new fibrecutting technologies for applications in the automotive industry. MAG IAS GmbH is helping to finance the acquisition of FLI by making a loan to MAG Europe GmbH at an interest rate above the company's bond's rate. Currently operating five production sites in Germany and employing about 1,600 employees in total, since February 2011, MAG IAS GmbH has been listed on the 'Bondm' segment of Boerse Stuttgart (stock exchange) and has issued bonds to the value of €50 million. The proceeds of the issue will primarily go to finance the growth of MAG, especially towards expanding the areas of aerospace and renewable energies. Additionally, MAG has created a new group, Delta 4, whose purpose is to create product optimisation, increase overall efficiency and enhance profit to its customers.