EANS-News: MAG IAS GmbH
Fives to take over MAG Americas
08.03.2013 – 08:02
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Company Information/Mergers - Acquisitions - Takeovers Göppingen (euro adhoc) - Fives to take over MAG Americas * MAG Americas and Forest-Liné Group acquired by Fives, a French engineering group * MAG Europe to sell its shares of Forest-Liné (62%) to Fives Göppingen, March 8, 2013 -The shareholders of MAG IAS LLC ("MAG Americas") have entered into an agreement with Fives, a French engineering group with a global presence, to sell MAG IAS LLC including its 38% ownership stake in the French aerospace machine tool manufacturer Forest-Liné. In parallel, MAG Europe GmbH ("MAG Europe") has entered into an agreement to sell its 62% ownership stake in Forest-Liné to Fives. The transactions are subject to customary closing conditions and regulatory approvals. The parties have agreed not to disclose any information about the purchase price. With the sale of its Forest-Liné shares, MAG Europe continues its restructuring program focusing on its core competencies as automotive and industrial equipment solutions provider. MAG Europe will use the sales proceeds of the Forest-Liné deal to pay back a loan to its MAG IAS GmbH subsidiary as soon as the deal will be closed. MAG IAS GmbH will in turn use the money as additional cash collateral to the financing banks. The automotive activities of MAG IAS LLC as well as the subsidiary in India are not part of the contemplated sale and will remain with the MAG group, in order to maintain the global automotive activities under the MAG brand. About MAG IAS GmbH (ISIN DE000A1H3EY2) MAG IAS GmbH, based in Göppingen, Germany is part of a leading global machine tool and systems group. Based on a long-standing manufacturing technology tradition, the company now has more than 1600 employees at five manufacturing plants in Germany. About MAG Europe GmbH The holding company MAG Europe GmbH comprises leading machine tool and systems companies with locations in Germany, China, Hungary, Korea, Switzerland, and Russia. The group has been formed in 2005, based on a strong foundation of renowned brands such as Boehringer, Cross Hüller, Ex-Cell-O, FMS, Hessapp, Honsberg, Hüller Hille, Modul and Witzig & Frank. Key industrial markets served include automotive and truck, industrial equipment, heavy equipment, oil & gas, rail, aerospace, and wind turbine production. With manufacturing and support operations strategically located worldwide, MAG offers comprehensive lines of equipment and technologies including turning, milling, hobbing, honing, systems integration, composites processing, maintenance, automation, and core components. Please forward a copy of any reprint Further inquiry note: Herr Joachim Jäckl Corporate Communications Manager Tel.: +49 7161 201 4083 E-Mail: joachim.jaeckl@mag-ias.com end of announcement euro adhoc -------------------------------------------------------------------------------- company: MAG IAS GmbH Stuttgarter Straße 50 D-73033 Göppingen phone: +49 7161201-0 mail: ir@mag-ias.com WWW: http://www.mag-bond.de sector: Machine Manufacturing ISIN: DE000A1H3EY2 indexes: stockmarkets: free trade: Hannover, Berlin, Hamburg, free trade/Bondm: Stuttgart, Open Market: Frankfurt language: English