ThyssenKrupp sells machine tool unit

A New York company that purchased the Cincinnati Lamb Group is buying the ThyssenKrupp MetalCutting Group.

A New York company that purchased the Cincinnati Lamb Group is buying the ThyssenKrupp MetalCutting Group. The purchase price offered by Maxcor Inc. was not released, and the sale is still subject to approval by ThyssenKrupp AG supervisory board and regulatory authorities.

Thyssen Technologies says it sold the MetalCutting Group to concentrate on its Plant Technology, Marine Systems, and Mechanical Engineering units. The MetalCutting Group includes Fadal of Chatsworth, Calif., which makes machining centers; Giddings & Lewis, a Fond du Lac, Wis., manufacturer of horizontal machining centers, vertical turning lathes and horizontal boring mills; and four machine tool manufacturers based in Germany. Those companies are Cross Hƒller, which produces transfer and special machines; Hƒller Hille, maker of horizontal machining centers and flexible production cells; Hessapp, which produces vertical turning machines; and Witzig & Frank, manufacturer of machine tools from standard modules.

Maxcor is a holding company that acquires and develops medium-sized manufacturing enterprises, primarily in mechanical engineering. In partnership with Silver Point Finance, Maxcor bought Cincinnati Lamb in April for $60 million from Unova.

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