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Maag Sells Marine and Turbo Gear Activities

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May 24, 2007—Maag Gear AG divested its marine and turbo gear business units, effective May 1, 2007. Renk AG bought the business unit and plans to continue production of already contracted turbo gears in Winterthur, Switzerland. New marine gear accounts will be executed in Augusburg, Germany.

The new Maag Gear AG plans to reposition itself as a large-scale supplier of gears and services to the cement and minerals industry.

"Maag Gear will therefore become 100% focused on the group's main business—the supply of complete plants, machinery, equipment and services to the cement and mineral industries," Bjarne Moltke Hansen, group executive vice president of FLSmidth, Maag Gear's Swiss subsidiary.