Fives Completes the Acquisition of MAG Americas
July 30, 2013
Fives has completed the acquisition of the three MAG brands; Cincinnati, Giddings & Lewis and Forest-Liné. The acquisition of these brands are in line with Fives’ ambition and strategy to further strengthen its position in high-growth sectors such as the aerospace, renewable energy, mining and special equipment sectors. These sectors experience increasing levels of demands, both in terms of the performance standards as well as in terms of the innovation capacity and ability.
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. Acquiring MAG Americas fits well with the growth strategy of Fives. It allows us, on one hand, to acquire a leading position in the technology of composite materials, which is anticipated to have a bright future in many industrial sectors. Secondly, it enables us to achieve our global ambition to design and manufacture key production equipment and machines for leading industrial sectors such as aerospace, heavy equipment, and energy. Strong brands such as Cincinnati, and all the related patents acquired from the MAG Group, are very complimentary to our portfolio of businesses and technologies. In addition, the acquisition strengthens our global presence. It provides us with new opportunities in emerging markets and a greater footprint in the United States."
This acquisition strengthens Fives’ global position. In fact, 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 achieved a turnover of approximately $400 million, 67 percent of which was achieved in the United States.
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