MAG IAS GmbH
MAG IAS GmbH: Fair Friend Group completes acquisition of MAG Group and strengthens position as one of the world’s leading machine tool suppliers
DGAP-News: MAG IAS GmbH / Key word(s): Mergers & Acquisitions/Strategic Company Decision Fair Friend Group completes acquisition of MAG Group and strengthens position as one of the world’s leading machine tool suppliers – Closing of transaction completed having received all required regulatory approvals – MAG joins one of the largest and fastest growing machine tool groups and will benefit from FFG’s global footprint and financial strength – Established MAG brand will become one of FFG’s key brands in the field of automotive applications – FFG’s machine tool division to generate annual sales of more than USD 2.3 billion (including MAG Group) Taipei/Eislingen, November 30, 2015. The international Fair Friend Group (“FFG”) and MAG Group today announced that the acquisition of MAG Group by FFG has been completed, having received all required regulatory approvals. Taiwan based FFG is a world leading industrial conglomerate operating in the fields of Machine Tool Technology, PCB (Printed Circuit Board), Industrial Equipment and Green Technology. With the acquisition of MAG Group, a leading machine tool manufacturer for the automotive industry, FFG’s machine tool division strengthens its position as one of the premier global machine tool suppliers. The acquisition is complementary to the existing portfolio, and will broaden FFG’s machine tool offering in the automotive industry. 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. Dr. Reiner Beutel, CEO of MAG, said: ‘We are proud to become part of FFG group, one of the world’s leading machine tool groups. MAG will benefit from the global footprint and financial strength of FFG, while our customers will benefit from the sharing of know-how and technology between our companies, increased production capabilities as well as local service wherever they are. With our combined offering both groups will increase their attractiveness as business partners.” Jimmy Chu, Founder and Chairman of the Fair Friend Group, said: “I am happy to welcome MAG and its employees to our large family. I am confident that the integration of MAG into FFG will be beneficial for all of us, and for our customers and suppliers.” Luigi Maniglio, chairman of FFG Europe, who will also join the MAG management board, added: “This acquisition is an ideal and complementary strategic fit for both FFG’s machine tool division and MAG. FFG will strengthen its machine tool offering in the automotive industry and its footprint in Europe, while MAG Group will increase its access especially to Asian markets. Now that the transaction has been completed, we can start to implement the benefits of the combined businesses which will position itself among the top 3 machine tool makers in the world.” Under the ownership of FFG, the MAG brand will remain unchanged. Maniglio added: “MAG is a well-known and established brand for machine tools for the automotive industry, with market-leading technology, loyal customers and excellent employees. We are glad to add this strong brand to our portfolio and, together with the MAG team, develop it further under the FFG umbrella.” The parties agreed confidentiality on financial details of the transaction. FFG has been advised by KPMG (Corporate Finance) and Beiten Burkhardt (Legal) in course of the transaction. MAG has been advised by Freitag & Co (Corporate Finance) and P+P Pöllath + Partners About MAG About Fair Friend Group Press Contact: Joachim Jäckl
2015-11-30 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |