German machine tool maker MAG eyes 2015 stock market listing

Resource from: Reuters Likes:166

Oct 11,2014

German machine tool maker MAG IAS is considering a stock market listing as soon as next year, as its U.S.-based owner Mo Meidar is seeking an exit, the company said. The move follows a restructuring in which Meidar, who formed MAG by buying a number of industrial businesses including units of ThyssenKrupp and Kuka, sold MAG's American operations to France's Fives last year. MAG IAS employs roughly 1,500 staff and is targeting sales of 450 million euros ($572 million) this year. It did not publish group earnings figures. Rainer Schmueckle, a former manager at Daimler and Johnson Controls, has been named new chief executive of MAG IAS. He replaces Meidar, who will remain chairman. MAG specialises in supplying car makers with production lines and has recently shed all non-automotive businesses. (1 US dollar = 0.7872 euro) (Reporting by Arno Schuetze; Editing by Georgina Prodhan)

(Reuters)

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