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Industry News
French firm Fives to acquire manufacturing machinery supplier MAG Americas

French company Fives, citing its interest in entering the composites market, has agreed to acquire MAG Americas, including Giddings & Lewis, Cincinnati and Forest-Liné.

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Posted on: 3/9/2013
High-Performance Composites

French company Fives (Paris, France) reported on March 8 that it has entered into a definitive agreement to acquire MAG Americas (Erlanger, Ky., USA), a global supplier of high-performance machining solutions and composite processing equipment. MAG reports that in 2012 it recorded turnover of about $400 million, of which 67 percent was generated in North America.

The acquisition encompasses several business units: Giddings & Lewis, Cincinnati and Forest-Liné, specializing in composite processing and large metal cutting machines, as well as a unit dedicated to aftermarket services. It employs about 1,000 people, located in the United States, France, Canada, China and South Korea. It also comprises a portfolio of more than 100 patents.

Fives notes that the end markets addressed by MAG Americas offer strong potential for development, notably through an increasing use of composite materials. Moreover, the North American domestic industrial markets, to which it is most exposed, benefit from strong market fundamentals.

After completion of the transaction, Fives, thus becoming a significant global player in the machine tool industry – says it will strongly benefit from the dynamism of the American aerospace and oil and gas sectors, which create opportunities for the machining business.

Frédéric Sanchez, chairman of the Executive Board of Fives, says: “This acquisition marks another step forward in the development of our Group, which will add to its portfolio the innovative know-how of more than 1,000 employees located in five different countries. As a global supplier of superior and innovative technologies and products, MAG Americas perfectly matches Fives’ strategy to focus on high value-adding industries, such as aerospace. Through this combination, we are also reinforcing our exposure to a well- positioned North American industry and opening to new opportunities for development in emerging countries.”

The acquisition is being carried out with the full support of AXA Private Equity, Fives’ main stakeholder, which contributes to this new step in Fives’ development. Completion of the transaction is subject to customary closing conditions and regulatory approvals.

Fives is an industrial engineering group formed 200 years ago. It designs and manufactures process equipment, production lines and turnkey plants for the world’s largest industrial companies in the aluminum, steel, glass, automotive, logistics, cement and energy sectors, both in emerging and developed countries.

In 2012, Fives achieved sales of €1.5 billion and employed more than 6,500 people in about 30 countries. 

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