MAG IAS: Fair Friend Group Signs Agreement That Foresees Acquisition of MAG Group
Resource from: MAG IAS GmbH Likes:223
Jun 18,2015
TAIPEI, Taiwan & EISLINGEN, Germany--(BUSINESS WIRE)--
- Agreement reached that stipulates the complete takeover of MAG Group, including MAG IAS GmbH, by FFG
- Signing of documentation, including a sale and purchase agreement, planned before August 2015; Closing of transaction expected before October 2015
- Activities of Global MAG Group complement offering of FFG and provides synergies for both FFG and MAG
- Deal is the result of long-standing relationship between Jimmy Chu, Luigi Maniglio, Prof. Mo Meidar and Dr. Reiner Beutel
The international Fair Friend Group ("FFG") and the shareholders of global automotive supplier MAG Group have signed a notarized agreement (memorandum of understanding) regarding the acquisition of MAG Group, including 100 percent of the shares of MAG IAS GmbH (ISIN DE000A1H3EY2), by FFG. The agreement became effective as of June 17, 2015. Signing of the relevant documentation between FFG and the shareholders of MAG Group is planned before August, closing of the transaction is expected before October 2015. The companies intend to present their combined offering together at the important EMO trade fair in Milano in October. The parties agreed confidentiality on the details of the transaction.
Fair Friend Group is a world leading industrial holding conglomerate with over 80 companies which operate in leading industrialized and emerging countries with annual sales of approx. USD 3.3 billion in 2014. Its machine tool division reported a total of USD 1.8 billion in sales and includes over 44 production facilities mainly located in Taiwan, Germany, Italy, Japan, South Korea, China, Switzerland, and USA with a total of 28 brands.
With the acquisition of MAG, a leading machine tool manufacturer focused on the automotive industry, FFG enhances its footprint in Europe and increases its presence in the automotive segment. Through the combination with FFG, MAG Group - which has seven production facilities in Germany, Hungary, China, USA und India and reported sales of EUR 474 million in 2014 - will significantly improve its access to the growing Asian markets. Also, the companies will be able to realize material synergies in procurement, production and technology.
Jimmy Chu, Chairman and Founder of the Fair Friend Group, said: "MAG is one of the largest and most technologically advanced producers of machine tools for the worldwide automotive industry and a strong brand. It complements the activities of FFG perfectly, with both companies benefitting significantly in terms of geographical reach, customer offering and know-how. With this strategic acquisition, FFG will become one of the largest machine tool companies in the world."
Dr. Reiner Beutel, CEO of MAG IAS GmbH, said: "FFG is the ideal partner to advance the further development of MAG Group. Built in 2005 from several smaller machine tool companies, MAG has developed into a successful, worldwide leading machine tool group with a strong focus and track record in the automotive industry. Today, every third crankshaft and every fifth engine block and cylinder head in the cars and trucks segment worldwide is crafted by a MAG machine. Together with our new partner, we will be able to accelerate our company growth and broaden our global footprint, especially in the Asian markets."
The agreement is the result of a long-standing relationship between FFG Chairman Jimmy Chu, FFG Europe Chairman Luigi Maniglio, MAG owner Prof. Mo Meidar and CEO Dr. Reiner Beutel. In 2013, FFG already acquired the Industrial Equipment segment of MAG Group. The related businesses profited from the integration into FFG and developed favorably since the transfer. The current transaction was led by MAG CEO Beutel and the management. MAG is being advised by Freitag & Co.
About MAG
MAG is one of the world's largest and technologically most advanced providers of turnkey production plants and machines for the mechanical processing of engine and chassis components for the automotive industry. MAG has approx. 1,500 employees with manufacturing, sales and service locations in Germany, USA, China, India, Hungary and the UK. MAG offers machine tools, manufacturing systems, and services including turning, milling, honing, systems integration, automation & software, services, retrofit, core components, and e-learning. As full scale supplier, MAG manufacturing solutions include a comprehensive range of equipment and technologies, process capability and full turnkey systems. With an in-depth knowledge of applications and manufacturing requirements, MAG partners with its customers to continuously reduce their production costs. www.mag-ias.com
About Fair Friend Group
The Taiwan based Fair Friend Group is a world leading industrial conglomerate, generating an annual turnover of USD 3.3 billion with over 80 companies operating in the fields of Machine Tool Technology, PCB, Industrial Equipment and Green Technology. Its machine tool division reported a total of USD 1.8 billion in sales in 2014 and includes over 44 production facilities with a total of 28 brands. Founded in 1979 in Taiwan, FFG developed into the largest local machine tool manufacturer with major brands like Feeler and Leadwell. From 1989, the growth strategy included international acquisitions in the USA, Italy, Germany, Japan, South Korea, and Switzerland. The acquisitions included leading manufacturing technology companies like VDF Boehringer, Hessapp, Honsberg, Hüller Hille, Ikegai, Jobs, Modul, Pfiffner, Rambaudi, Sachman, Sigma, Witzig & Frank.
(MAG IAS GmbH)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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