Paris, France — Fives has announced its acquisition of MAG Americas by bringing onboard three more of its brands — Cincinnati, Giddings & Lewis and Forest-Liné. The company says its recent purchase will help it strengthen its position in aerospace, renewable energy and mining equipment by increasing its capacity to manufacture the high-precision machine tools used to manufacture complex or high-performance equipment.
The Fives Group, based in France, is an industrial engineering group that provides process equipment, production lines and turnkey plants for manufacturers in the aluminum, steel, glass, automotive, logistics and energy sectors around the world. In 2013, the company is expected to have more than 7,500 employees in more than thirty countries, after the most recent acquisitions. The 1,000 employed currently by MAG Americas will join Fives’ current staff.
The acquisition of MAG, which currently achieves a turnover of approximately $400 million, 67 percent within the U.S., comes at the heels of a number of recent Fives acquisitions, including Keods, a metallurgy consultants focused on improving the quality of flat carbon steel products, and OTO Mills, which is an Italian manufacturers of production lines for welded steel tubes and automation systems for the steel industry.
Of the MAG acquisition, 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.
“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."