The purchase of machine tool builder MAG Americas by the Paris-based industrial holding company Fives is now complete. The value of the deal, first announced in March, has not been announced, but the buyer emphasized it promotes its “strategy to further strengthen its position in high-growth sectors - such as the aerospace, renewable energy, mining and special equipment sectors.”
Fives is comprised of several product divisions that design and manufacture process equipment, production lines, and turnkey plants for several industrial sectors, including aluminum, steel, glass, automotive, logistics, cement, and energy production.
MAG Americas is the third large-scale addition to its industrial portfolio in the past 18 months, following Keods, a steel industry engineering and consulting group; and a planned acquisition of OTO Mills, a builder of welded steel tube process lines and automation systems.
With the new assets, Fives will over 7,500 employees in more than 30 countries.
MAG Americas had been part of MAG IAS LLC since the formation of that group in 2005. The sale includes three global machine tool brand names, Giddings & Lewis, Cincinnati, and Forest-Liné.
"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,” stated Frederic Sanchez, president of the Fives executive board.
“Acquiring MAG Americas fits well with the growth strategy of Fives,” he continued. “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.”