Fives Completes the Acquisition of MAG Americas

With this strategic acquisition, Fives becomes one of the global leaders in high-precision machine tools, used to manufacture large complex equipment and high performance composite processing machines.

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With this strategic acquisition, Fives becomes one of the global leaders in high-precision machine tools, used to manufacture large complex equipment and high performance composite processing machines. Fives achieves the global leadership position, in part, as a result of the acquisition of the three world-renowned MAG brands; Cincinnati, Giddings & Lewis and Forest-Liné. 

The acquisition of these brands is in line with Fives’ strategy to further strengthen its position in high growth sectors, such as the aerospace, renewable energy, mining and special equipment sectors. These sectors experience increasing levels of demand, both in terms of the performance standards as well as the innovation capacity and ability. 

This acquisition strengthens Fives’ global position. In fact, 1,000 employees of MAG Americas, based in the United States, France, Canada, China, Korea and Russia will join the 6,500 Fives’ employees in 30 countries. In 2012, MAG Americas achieved a turnover of approximately $400 million, 67 percent of which was achieved in the United States. 

Since the beginning of the year, Fives also has strengthened its position in the high-value added steel sector. In January 2012, it acquired Keods, a company specializing in high-level consultancy in metallurgy, focused on improving the quality of flat carbon steel products - something which is crucial for the development the product mix of global steel manufacturers, especially when it comes to serving the needs of the automotive industry.