MAG IAS GmbH
Dr. Reiner Beutel to leave MAG Group following successful merger with FFG and bond refinancing
DGAP-News: MAG IAS GmbH / Key word(s): Change of Personnel/Merger 2016-02-23 / 10:00 The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Eislingen, February 23, 2016. MAG Group has announced that Dr. Reiner Beutel, a member of the management board of MAG IAS GmbH and Deputy CEO of the combined FFG & MAG Group, is, at his own request, to leave the company at the end of February by mutual agreement and on the most cordial of terms. In September 2013, Reiner Beutel was appointed by the supervisory board to a position on the management team of MAG IAS GmbH. Acting as CFO from 2013 until March 2015, he oversaw the operational and structural reorganization of MAG Group, focusing the company's activities on the automotive division and playing a decisive role at a very difficult stage in the life of the company, during which he succeeded in transferring control of the business from the trustees back to the shareholder, and also completed the refinancing of the bank guarantee credit lines. From June 2015 onwards, in his new role as CEO, Dr. Beutel led the strategy process review that had since been initiated, as part of which a variety of equity- and debt-financed instruments, together with a possible sale of MAG Group, were evaluated as possible future options. Within a short space of time under his direction, an agreement was reached with the internationally operating Fair Friend Group (FFG) on the acquisition of MAG Group and the refinancing of the company's bond. With the combination of the two companies, completed in November 2015, MAG has gained the support of a strong partner to assist and promote the future development of the group while at the same time securing long-term refinancing through the new owner. Following closure of the deal, Dr. Beutel acted, in his role as Deputy CEO, alongside CEO Luigi Maniglio from FFG at the head of the newly formed group, which today is one of the world's Top 3 machine tools manufacturers. Following redemption, completed on February 8, 2016, of the EUR 50m bond originally issued by MAG in 2011, Reiner Beutel is to leave the company as of the end of February. Jimmy Chu, chairman and founder of the Fair Friend Group, stated: "The longstanding ties that link us to Dr. Reiner Beutel and the then shareholder, Mo Meidar, have been a very deep relationship at both the business and personal level, reinforcing us in our conviction that MAG Group is the right partner to help us significantly boost our machine tools business in the European market." Luigi Maniglio, chairman of FFG Europe and chief executive of MAG IAS GmbH, added: "Dr. Reiner Beutel made, by virtue of his industrial and financial expertise, a major contribution to the process by which the MAG machine tools group has successfully repositioned itself in the marketplace, now making it, through its portfolio of brands, one of the world's leading suppliers in the automotive segment. Shareholders, supervisory board, management, and the workforce of MAG hereby express their appreciation to Dr. Beutel for his outstanding achievements." About MAG: MAG is one of the world's largest and technologically most advanced providers of turnkey production plants and machines for the mechanical processing of engine and chassis components for the automotive industry. MAG has approx. 1,500 employees with manufacturing, sales and service locations in Germany, USA, China, India, Hungary and the UK. MAG recorded revenues of approx. EUR 500 million for fiscal year 2015. MAG offers machine tools, manufacturing systems, and services including turning, milling, honing, systems integration, automation & software, services, retrofit, core components, and e-learning. As full scale supplier, MAG manufacturing solutions include a comprehensive range of equipment and technologies, process capability and full turnkey systems. With an in-depth knowledge of applications and manufacturing requirements, MAG partners with its customers to continuously reduce their production costs. www.mag-ias.com About Fair Friend Group: The Taiwan based Fair Friend Group is a world leading industrial conglomerate, generating an annual turnover of USD 3.8 billion (including MAG Group) with over 80 companies operating in the fields of Machine Tool Technology, PCB, Industrial Equipment and Green Technology. Founded in 1979 in Taiwan, FFG developed into the largest local machine tool manufacturer with major brands like Feeler and Leadwell. From 1989, the growth strategy included international acquisitions in the USA, Italy, Germany, Japan, South Korea, and Switzerland. The acquisitions included leading manufacturing technology companies like VDF Boehringer, Hessapp, Honsberg, Hüller Hille, Ikegai, Jobs, MAG Group, Modul, Pfiffner, Rambaudi, Sachman, Sigma, Witzig & Frank. FFG's machine tool division covers a large variety of industries, including Aerospace, Railway, Mould and Die, Electronics, and Automotive. With MAG's seven production facilities, FFG increases the number of machine tool factories to 51 across the globe, now covering Taiwan, Germany, Italy, Hungary, Japan, South Korea, China, Switzerland, India and the USA with a total of 32 brands. With over 6000 employees, the machine tool division of FFG, including the MAG Group, generates an annual turnover of more than USD 2.3 billion. Press Contact: Joachim Jäckl +49 7161 1567 210 Joachim.Jaeckl@ffg-werke.com --------------------------------------------------------------------------- 2016-02-23 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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